Uzbekistan's President Shavkat Mirziyoyev on April 10 inked amendments to consumer law that aim to facilitate the public's access to loans, as the law legalizes consumer loans for goods and services sold by individuals and legal entities and goods and services imported to Uzbekistan. Besides, the document annuls the procedure for written notification of an organization selling consumer goods and services over receiving a consumer loan.
However, the ban on issuing consumer loans with cash remains in force. The law comes into force on April 11, from its official publication.
In October 2018, the President signed a decree to abolish the requirement to issue consumer loans only for local products. In the summer of 2020, the Government decided to cancel the restrictions by October 2021.
The Antimonopoly Committee also proposed amendments to the law permitting the issuance of consumer loans for imported goods.
In recent years, the Uzbekistan government has improved access to financial services, including consumer loans, by liberalizing the banking sector, introducing new regulations, and promoting digital financial services. As a result, the number of consumer loan products and providers has increased, making it easier for individuals to access credit.
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