The Senate of Uzbekistan has approved a new law that permits the establishment of microfinance banks, as reported by the press service of the Senate of Oliy Majlis.
This law will create a legal framework for microfinance banks, allowing them to provide banking services and accept deposits. It also includes provisions for the transformation of microfinance organizations into microfinance banks and subsequently into commercial banks.
Furthermore, the law sets the minimum authorized capital required for microfinance banks, outlines operational requirements, and prohibits the use of similar names for different credit institutions.
Kursiv Uzbekistan also reports on how changes in the migration policies of the United States and Russia may impact remittances to Uzbekistan.
