Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of the Republic of Uzbekistan developed a draft law “On Amendments and Additions to the Law of the Republic of Uzbekistan “On Consumer Credit”.

The draft law is aimed at improving the mechanisms of consumer lending, including expanding access for citizens and business entities to the market and a wide range of goods, works and services, as well as improving the business climate and business environment.

According to the bill, individual entrepreneurs, along with legal entities, are granted the right to sell goods, works and services of their own production for consumer credit, including using the mechanisms of financial consumer lending.

Along with this, the draft law, within the framework of measures taken to liberalize foreign trade, the current restrictions on provision of a financial consumer loan only for goods, works and services produced in the Republic of Uzbekistan are canceled. Thus, citizens are given the opportunity to use financial consumer loans provided by banks and credit organizations to purchase goods produced both in the republic and abroad.

When developing the draft law, the relevant regulatory and legal framework was studied and an analysis of law enforcement practices and legislation of foreign countries was conducted.