RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 10, 2023 No. PP-364

About additional measures for increase in role and share of microfinancial services in development of business activity

For the purpose of increase in availability of microfinancial services, support of entrepreneurial initiatives of general population, expansion of scale of use of microfinancial services in regions, creations of possibility of attraction of additional financial resources, including deposits, for the microfinancial organizations, and also strengthening of the chain connecting the microfinancial organizations and commercial banks:

1. Approve the offer of the Ministry of Economics and finance and the Central bank on program implementation of increase in the availability of microfinancial services in 2024 - 2026 directed to achievement of the following target indicators:

increase in size of the market of microfinancing by 5 times at least;

scope microfinancial services over 1 million subjects of entrepreneurship;

increase twice the size of the raised funds of physical persons in resource base of the microfinancial organizations;

rendering assistance in self-employment and development of the business to about 500 thousand citizens who do not have the official income by means of provision of microfinancial services.

2. Determine that since January 1, 2024:

the extreme size of microloans increases from 50 million sum to 100 million sum;

non-bank credit institutions are formed in the form of joint-stock company or limited liability company;

the microfinancial organizations are allowed to raise borrowed funds from nonresidents and to render financial services to legal entities in foreign currency;

it is allowed to raise borrowed funds from participants (shareholders) - physical persons, not exceeding the double size of the deposit amount granted on authorized capital (authorized capital), or the share par value which are at them in property;

the microfinancial organizations have the right to implementation of activities of payment institute after receipt of the corresponding license;

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