Approved by Board of the Central bank of the Republic of Uzbekistan (the protocol No. 3 22 of February, 2000) No. 429

Regulations on requirements to credit policy of commercial banks

(new edition)

This provision is developed according to the Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About banks and banking activity" and establishes requirements to credit policy of commercial banks.

1. General provisions

1.1 Credit policy of bank is the document determining the approaches and methods accepted by management of bank for risk management, arising when crediting, and providing management and bank staff of instructions for effective management of portfolio of the credits. Credit policy shall determine and describe the purposes of credit activities of bank clearly.

1.2 Credit policy of commercial banks is developed in the form of the separate document and affirms Council of the bank.

1.3 Each bank shall develop and enact own credit policy. Responsibility for development and execution of credit policy is assigned to members of council and Bank boards, other officials of bank.

1.4 Nature of credit policy is determined by structure of credit portfolio, economy of that region in which activities of bank are performed. During the forming of credit strategy and preparation of the corresponding credit policy, the bank shall consider these factors.

1.5 Credit policy of bank shall be reviewed by Council of the bank at least once a year till February 1 of the corresponding year.

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