Credit portfolio of microfinance organizations in Uzbekistan grew by 47% in six months

In the first half of 2026, commercial banks issued mortgage loans totaling 13.1 trillion UZS. These loans were provided to 42,600 citizens.

This volume exceeds the figures for the same period last year by 3.6 trillion UZS.

A training seminar was organized in Namangan by the Department of Currency Regulation and Control of the Central Bank of the Republic of Uzbekistan. Relevant structural units and specialists from commercial banks involved in foreign economic activity and currency operations took part in the event.

Discussion of Currency Operation Issues

Employees of the Department of Currency Regulation and Control of the Central Bank discussed current problems faced by entrepreneurs conducting export operations to foreign countries and generating income for the country's economy. Opinions on practical difficulties and possible solutions were presented.

Regulatory Framework and Procedures

At the conference held at the Namangan Branch of the Central Bank, detailed explanations were provided regarding recent changes in legislation regulating currency operations. The procedure for applying regulatory legal acts, as well as issues concerning the acceptance and official documentation of damaged or unusable foreign currency banknotes, were also reviewed.

Dialogue with Business Representatives

As part of the seminar, an open dialogue was held with representatives of exporters and manufacturing enterprises in the Namangan region. During this meeting, information was provided about the favorable conditions created by the state, support measures for the industry, and changes being made to regulatory legal documents.

Proposals and problems raised by entrepreneurs during the discussion were carefully discussed, and corresponding recommendations for practical solutions were given. At the end of the seminar, participants received detailed answers to their questions, and the high significance of such practical events was noted.

In recent years, entrepreneurship in Uzbekistan has become not only an important direction of economic policy but also a key pillar for ensuring population employment and increasing incomes. In this process, the open dialogue of the President with entrepreneurs has taken a special place. These meetings have turned into a permanent platform where business representatives directly voice their problems, propose solutions, and the state develops new support measures based on them.

Results of the First Meetings

The first meeting, held in 2021, laid the foundation for a new format of cooperation between the state and entrepreneurs. It was particularly noted that the private sector provides almost 90% of jobs created annually, and over 5 million people work in this sector. Special attention was paid to how significantly the attitude of society and government bodies towards entrepreneurs has changed, as they have begun to recognize business as the driving force of the economy and an important element of the development of New Uzbekistan.

Before these meetings began, over 15 thousand questions, proposals, and initiatives were received from entrepreneurs, which indicated the high need of the business community for direct and practical interaction with the authorities. The first fruits of this format were visible already in 2022. In one year, entrepreneurs built more than 55 thousand business facilities. The number of business entities with an annual turnover exceeding 1 million dollars increased from 5 thousand to 26 thousand.

Financial Growth and Exports

Furthermore, another thousand entrepreneurs increased their turnover to the level of 1 to 10 million dollars, and the total turnover of 220 companies reached 100 million dollars. An important result was the growth in the foreign trade sector: the number of exporting enterprises reached 7.5 thousand, and the total export volume increased by 30%. In 2022, in addition to quantitative growth, a number of proposals for systemic reforms were put forward. One of the most important decisions was the division of business entities into micro, small, and medium businesses. This allowed for the abandonment of uniform standards of approach to all entrepreneurs and created the possibility of targeted support depending on the scale of activity and potential.

Changes in Tax Policy

Based on this decision, starting January 1, 2023, a single rate of 4% was established for micro-businesses, replacing the previous system of rates that varied from 4% to 25% depending on the turnover volume. In 2023, the open dialogue was assessed as an effective mechanism for solving problems in entrepreneurship. Following the meetings of 2021 and 2022, 57 and 55 initiatives were advanced, respectively, which led to significant results. Among them are the division of business entities into categories and the introduction of special tax, credit, and financial regimes in 60 districts. Entrepreneurs operating in these districts benefited from discounts totaling about 1 trillion sums over six months, and in 20 districts, entrepreneurs' incomes increased by 1.5–2 times.

There were also significant changes in the tax system. Over the year, 20 trillion sums of VAT were returned to 6 thousand enterprises. Additionally, more than 7 trillion sums were returned to over 2 thousand exporters who complied with tax obligations, without waiting for currency receipts. Reaching 184 thousand VAT payers indicates the transition of business entities from the 'shadow economy' to legal activities. Inspections were reduced, and financial fines applied as a result of desk audits and some reporting deficiencies were abolished. As a result, the number of small enterprises grew to 40 thousand, and then to 490 thousand; the number of medium enterprises increased by 2 thousand, reaching 10 thousand; and the number of large enterprises reached 1.5 thousand.

Prospects and Development in 2024–2025

The scope of the open dialogue is expanding in 2024. Work with entrepreneurs is conducted consistently almost year-round—from the President and Government to the khokimiyats, the Chamber of Commerce and Industry, and the Business Ombudsman. In addition to approved programs and plans, over 700 questions, initiatives, and new projects proposed by entrepreneurs have received support. To achieve these goals, an additional 8 trillion sums were allocated, and another 18 trillion sums were directed to infrastructure development in the fields of industry, agriculture, services, and entrepreneurship.

As a result, the sector is experiencing qualitative growth. The share of enterprises operating for more than three years reached 76%, and their number reached 300 thousand for the first time. The turnover of business entities for the year exceeded 25%, reaching 986 trillion sums. The number of medium enterprises with a turnover of 10 to 100 billion sums doubled, and the number of large enterprises with a turnover exceeding 100 billion sums exceeded 2,200. Moreover, 16 thousand enterprises that were previously operating at a loss transitioned to profitable activities within six months, generating a total income of 6.5 trillion sums.

Improving Relations and Employment

An important result was the improvement of relations between the state and business. The number of tax inspections decreased from 85 thousand to 48 thousand, and desk audits decreased from 38 thousand to 12 thousand. At the same time, tax revenues did not decrease but rather increased: by 10% from large taxpayers, by 25% among enterprises at the regional level, and by 40% among district-level entrepreneurs. This situation demonstrates that strengthening mutual trust, reducing administrative pressure, and stimulating legitimate entrepreneurial activity can yield more effective results than excessive control.

In 2025, the main focus is on transitioning to a new stage of entrepreneurial development. In the first half of the year, economic growth was 7.2%. Within this growth, thousands of micro and small enterprises began to develop actively. Over the year, 1,600 micro-enterprises with a turnover exceeding 10 billion sums transitioned to the category of medium-sized businesses. 143 micro-enterprises became large business entities, and another 122 small enterprises joined the ranks of large companies.

Indeed, the country is giving top priority to bringing business activities out of the 'shadow economy' and legalizing population employment. Thanks to the implemented new mechanisms, the number of jobs in 139 thousand enterprises increased to 811 thousand, and then to 3 million. The wage fund in 273 thousand enterprises increased by 22%, reaching 4.6 trillion sums. If the average monthly salary in the private sector in 2024 was about 4 million sums, in 2025 this figure approached 5 million sums. This highlights that entrepreneurship is not only a source of income but also an important factor in improving the welfare and standard of living of the population.

In conclusion, the open dialogues held from 2021 to 2025 have transformed into an effective feedback mechanism between the state and business entities. Systemic problems arising in the activities of entrepreneurs are identified and resolved promptly and practically. Simplifying the tax and administrative burden, expanding opportunities for using financial resources, and supporting export activities and investment projects have contributed to strengthening mutual trust between the state and entrepreneurs.