Tashkent, Uzbekistan (UzDaily.com) -- A case has been initiated against Ipoteka Bank in Uzbekistan for signs of misleading advertising.

The Committee for the Development of Competition and Protection of Consumer Rights of Uzbekistan reported this after examining an advertisement posted on the social network Instagram.

The bank’s page on Instagram indicated an annual interest rate of 26% for the Super deposit. However, it was found that under the deposit conditions, cash funds deposited through the cashier accrue at a rate of 26% only for the first three months, and at a rate of 14% for the next three months. This information was not reflected in the advertisement.

The committee noted that such advertising could mislead consumers.

In this regard, the committee initiated a case against the bank for signs of violating the requirements of Articles 16 and 43 of the Law "On Advertising" and Article 6 of the Law "On Protection of Consumer Rights".