Tashkent, Uzbekistan (UzDaily.com) -- Commercial banks of Uzbekistan received the right to provide microloans along with microcredit organizations.

The Senate of the Oliy Majlis of Uzbekistan introduced amendments to some legislative acts.

In accordance with the decrees of the President of the Republic of Uzbekistan dated March 23, 2018 “On additional measures to increase the availability of banking services” and on September 12, 2017, “On measures to further develop and increase the sustainability of the banking system of the republic”, changes are being made, according to which banks are granted the right to issue microloans.

The amount of microloans can be up to 100 minimum sizes of wages and is issued mainly in cash for up to 1 year.

At the same time, there is a ban on interest accrual, collection of commission payments and penalties (fines, penalties), application of other measures of liability under microfinance services agreements in the amount of more than half of the microloan per year.