Tashkent, Uzbekistan (UzDaily.com) - The results of the analysis carried out by the Central Bank show that as of 1 July 2019, the debt burden of the population (the ratio of loan payments to income) increased by 5.3 percentage points compared to the same period of 2018. This was reported by the Central Bank press service.

As part of the analysis, more than 150 thousand agreements on loans issued to the population were considered. Thus, the debt burden in 35% of cases exceeds the recommended rate (50%), including in 67% of car loans, 37% of micro loans and 25% of consumer loans.

International experience shows that the emergence of such a problematic situation can significantly worsen the social and financial situation of the population.

In world practice, in order to prevent an increase in the debt burden of the population, the state pays special attention to the analysis of this issue and the implementation of the necessary macroprudential measures.

In order to prevent excessive debt burden of the population, taking into account international practice by the Central Bank, in accordance with the Decree of the President of the Republic of Uzbekistan dated 23 July 2019 No. PP-4400 “On measures to increase the availability of microfinance services”, a draft “Regulation on the calculation procedure and the acceptable value of the indicator of the debt load of a borrower - an individual on loans (microloans), as well as standards for restraining the growth of debt load, ”which is posted on the Unified interactive portal of public services the Republic of Uzbekistan (ID-8499).

As a first step to contain the excessive debt burden of the population, a procedure is being introduced for calculating this indicator for microloans provided by banks and microcredit organizations, as well as for loans issued by pawnshops.

Taking into account the numerous proposals for the draft regulation received through the Unified portal of interactive public services of the Republic of Uzbekistan, this draft regulation has been revised with the appropriate changes.

In particular, it was established that the debt burden indicator is calculated for each borrower if the sum of the issued loan (microloan) and the main debt of the borrower under previously issued loan agreements (microloan agreements) in the aggregate is 10 million soums or more.

At the same time, the indicator of the debt load of an individual is increased to 50%.

It should be noted that these changes preventing the excessive debt burden of the population do not limit the possibility of wide sections of the population in obtaining loans.