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Uzbekistan's Central Bank softens terms of credit repayments

26 March 2020

The Central Bank of Uzbekistan is taking measures to reduce credit risk of borrowers, Trend reports referring to the bank.

The commercial banks have been recommended to soften the terms of loan repayment until October 1 to companies that are most vulnerable to the negative effects of coronavirus infection in the country.

The Central Bank has announced "credit holidays" to repay loan payments based on applications from individual borrowers and entrepreneurs.

This measure will be implemented based on the real incomes and possibilities of a particular borrower. The measure includes a grace period to repay and extend the final payment period.

At the same time, it is recommended not to apply penalties for late repayment of debts of borrowers and not to focus on providing reimbursable loans.

Earlier, the State Tax Committee of Uzbekistan announced that it will control the stability of prices for food and essential goods in the case of nation-wide quarantine measures.

Furthermore, the State Tax Committee will receive prompt reports on identified cases of unjustified price increases.