According to the financial stability review for 2025 published by the Central Bank, credit risk in the microloan segment remains one of the main domestic risks to Uzbekistan's financial stability.
According to the financial stability review for 2025 published by the Central Bank, credit risk in the microloan segment remains one of the main domestic risks to Uzbekistan's financial stability.
As of January 1, 2026, the number of microloan recipients in commercial banks reached nearly 2.7 million people, which is 16% more compared to the previous year. Meanwhile, the average number of contracts per borrower increased from 1.7 to 1.9. The Central Bank warns that the accumulation of multiple debt obligations by a single borrower increases their debt burden and heightens the probability of credit losses for banks.
During 2025, the average debt service-to-income ratio for microloans rose from 37% to 40%. The quality of the non-performing part of the portfolio also worsened. By the end of the year, loans classified as doubtful and bad accounted for 49% of problematic microloans, which is two percentage points higher than in 2024.
The total outstanding balance of microloans reached 48.9 trillion soms, accounting for 8% of the total banking credit portfolio. The share of non-performing loans within the segment remained at 4%, virtually unchanged throughout the year. Reserves cover 50% of problematic microloans, an increase of 11 percentage points compared to last year.
Market concentration is decreasing: the Herfindahl-Hirschman index for outstanding microloans was 920 points, which is 76 units lower than a year ago, indicating a low level of concentration. Nevertheless, the regulator noted that the share of microloans in the credit portfolio of some banks remains high. Overall, retail lending continues to grow faster than corporate lending. The share of loans to individuals in the banking system grew from 33% to 36% in 2025, while corporate debt increased by 8%, reaching 383.7 trillion soms.
A survey of market participants included in the review showed a similar forecast. Banks identified the growth of household debt burden (32% of responses), exchange rate volatility (31%), and inflation as the main threats.