The document said that interest rates on soft credits for starting of business will be cut from 5% to 3% APR. The soft credits for starting of business issued up to 18 months and the sum of credit up to 200 times over minimal salary. The minimal salary is 25,040 soums a month now, but it will reach 28,040 soums per month from 16 November.

Interest rates on microcredits to expand activity and increasing circulating assets will be decreased from 100% of refinancing rate to 50% of refinancing rate of the Central Bank of Uzbekistan. The microcredits to expand activity and increasing circulating assets allocated up to 24 months and the sum of microcredit should be up to 500 times over minimal salary. Central Bank’s refinancing rate is equal to 14% APR.

The bank will decrease interest rates on microleasing from 7% to 5% APR. The microleasing service is provided for three years and the leasing sum should not exceed 2,000 times over minimal salary.

The decree said that businesses, which received soft microcredit and repaid credit and interests in time, will have advantage to receive microcredit to expand businesses or other services of the Microcredit Bank.

The document also recommended to the Central Bank to allocated soft credits, if needed, to Microcredit Bank to support small and private businesses.