Central Bank of Uzbekistan issued new licenses to new financial institutions in line with Uzbek legislation.

In accordance with the Article 50 on "The function for regulation and supervision of the activity of banks, credit unions and pawn shops, and production of securities blanks" of the Law "On Central Bank of the Republic of Uzbekistan", Central bank has issued a pawn shop license to the Yantar Kredit and Galant Kredit limited liability companies, located in Tashkent city.

Both pawn shops will issue loans to individuals collateralized by movable property.

The registration of banks and credit unions, as well as the issuances of licenses to banks, credit unions and pawn shops is done in line with the order established by the Central Bank. The issuance of licenses for the production of securities blanks follows the order specified by legislation.

In accordance with the Article 17 of the Law "On Central Bank of the Republic of Uzbekistan" and Article 4 of the Law "On credit unions" and in line with the decision of the Board of the Central Bank of Uzbekistan, credit union license has been issued to Profit Company (Tashkent).

The credit union is formed through financial investments only, and its charter capital totals 62.76 million soums.

The CU’s activity will involve financing business projects of its members – small business proprietors and individual entrepreneurs, and leasing services.

The total number of credit unions in Uzbekistan has reached 38.

Pursuant to the Article 17 of the Law "On Central Bank of the Republic of Uzbekistan" and Article 9 of the Law "On micro-credit organizations", and in line with the decision of the Board of the Central Bank of Uzbekistan a micro-crediting license has been issued to the Ehtirom Plus Company (Kokand city).

The company’s capital is formed through financial investments only, and its charter capital equals 13 million soums.

New micro-finance firm intends to issue micro-loans and micro-credits to clients, purchase and sell debt instruments (factoring), provide consulting and information services, as well as provide micro-leasing and micro-financing services, including the issuance of consumer loans.