Maximum allowance of microloans will increase from the current 50 million to 100 million soums from January 1, 2024. This is stipulated in by the Nov. 10 presidential decree.
According to the decree, from this date:
- non-bank credit organizations shall be formed in the form of a joint-stock company or a limited liability company;
- microfinance organizations shall be allowed to attract loans from non-residents and provide financial services to legal entities in foreign currency;
- they shall also be allowed to attract a loan from individual shareholders in an amount not exceeding twice the amount of the contribution to the authorized capital or the par value of the shares they own;
- microfinance institutions will be able to carry out the activities of a payment organization after receiving a license from the Central Bank.
Also, from January 1, individuals and legal entities, without obtaining prior permission from the regulator, will be able to own up to 20% of the share in the authorized capital of a non-bank credit organization instead of the previous 10%. If the purchased stake is from 10% to 20%, then they are only required to notify the Central Bank.
When providing loans to microfinance institutions, banks will be able to take as collateral the rights of these organizations to claim for the microfinance services they provide.
Moreover, microfinance banks, providing basic banking services, will be set up and a mechanism will be created to transform microfinance organizations into microfinance banks.
From 2024, by repaying part of loans previously provided by banks within the framework of family entrepreneurship programs, it is allowed to place 1 trillion soums in microfinance organizations to finance small business projects. Banks will allocate another 2 trillion soums to provide microfinance services.
Microcreditbank, by April 1, 2024, has been instructed to create a new microfinance organization with an increase in the authorized capital to $30 million, specializing in the field of microfinance services, with the participation of strategic investors.
Halq (People's) Bank has been instructed to raise $100 million for microfinance in 2024.
By January 1, 2024, it is planned to develop a regulatory framework for the provision of Islamic finance services by microfinance institutions.