RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of February 19, 2007 No. 37

About measures for further market development of microfinancial services

For the purpose of further market development of microfinancial services, the Cabinet of Ministers decides streamlinings of the mechanism of issue of licenses for the right of implementation of activities of microcredit institutions:

1. Take into consideration that according to the Law of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" licensing, regulation and supervision of activities of microcredit institutions in the territory of the republic is exercised by the Central bank of the Republic of Uzbekistan.

2. Determine that:

since April 1, 2007 in the territory of the republic implementation of activities of microcredit institutions without the corresponding license of the Central bank of the Republic of Uzbekistan is not allowed;

for consideration of the application collection in the amount of 50 percent of the basic settlement size established by the legislation on the date of filing of application is levied from the license applicant on the right of implementation of activities of microcredit institutions by the Central bank of the Republic of Uzbekistan;

for licensing for the right of implementation of activities of microcredit institutions the state fee in the amount of, established by the Law of the Republic of Uzbekistan "About the state fee" is collected.

3. To Central Bank of the Republic of Uzbekistan:

till April 1, 2007 to complete inventory count of the legal entities registered in the republic and performing activities of microcredit institutions and to grant it the corresponding license in the procedure established by the legislation;

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