The Uzbek banks will raise the limit for microloans from UZS 50mn to UZS 100mn, and Central Bank Chairman Mamarizo Nurmurodov explained the primary rationale behind this decision during a press conference on October 26.
Nurmurodov clarified that the primary motive for adjusting the microloan amount is to enable the population to cover more significant expenses than the current limit of UZS 50mn.
He emphasized that this does not imply that everyone will automatically qualify for a UZS 100mn microloan. The objective is to expand the borrowing limit for individuals. He acknowledged that while the doubling of the microloan limit might seem substantial, microloan banks adopt an individualized approach for each applicant. The change is aimed at ensuring that citizens aren't confined to a UZS 50mn cap. For instance, if the required amount is between UZS 60-70mn, this adjustment allows individuals to access microloans from multiple sources if needed.
Notably, the last increase in the amount of microloans granted to individuals in Uzbekistan occurred in 2019.
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