The National Press Center has played host to a press conference by the Central Bank of the Republic of Uzbekistan to discuss issues pertaining to uplifting the sustainability and liquidity of the system, attracting additional investments, perfecting the activities in accordance with international standards, expanding the abilities of business entities in using bank loans.

The National Press Center has played host to a press conference by the Central Bank of the Republic of Uzbekistan to discuss issues pertaining to uplifting the sustainability and liquidity of the system, attracting additional investments, perfecting the activities in accordance with international standards, expanding the abilities of business entities in using bank loans.

It was stressed that the occasion that special significance is attached under the leadership of President Islam Karimov to removing the barriers and restrictions on the way of the evolution of private ownership and private entrepreneurship, reducing the state presence in the economy, elevating consistently the share of private ownership in the gross domestic product, including with the participation of foreign capital, to cater to which a range of conveniences are being created.

The Law on Surety Registry that came into force on July 1, 2014, is designed to promote the infrastructure of banking services. This document regulates the obligations between creditors and debtors, introducing a single register of mortgage relations and provides for reliability of information.

A software internet platform has been worked out, which has received a high appraisal of the experts of the International Finance Corporation.

As it was pointed out at the conference, more than 120 users are registered to date in the surety registry, while commercial banks, micro loan organizations and pawnshops, enterprises and private individuals are making use of the services of this system. This facilitates securing the financial and banking system of our country with an infrastructure meeting international standards and an even greater protection of creditors’ interests.

The Law on the Exchange of Credit Information defines normative foundations of relations associated with the provision of accurate and comprehensive information on the current state of creditor and other debt of potential debtors, meeting their commitments by them, their payment capacities, financial state, reputation and other data.

The loan bureau “Credit Information Analytical Center” was registered by the Central Bank of the Republic of Uzbekistan on October 6, 2012, and received a license to operate. Currently, the bureau has established exchange of credit information with all commercial banks.

In 2013, the average number of requests to the credit bureau exceeded 1,220 per day, whereas in 2014 their number reached almost 6,000. As of January 1, 2012, the database of the bureau contained information about 511 thousand corporate entities and more than 321,000 individuals. As of January 1 this year, the figure was 876,000 businesses and nearly 3 million individuals.

At the event, experts provided detailed answers to questions about the amenities of the modern system of sharing credit information, on improving the quality of banks’ loan portfolio, on the growth in loans as a result of effective credit information exchange, on interest rates, and on issuing preferential credits.