Uzbekistan Banks Issued Mortgage Loans totaling 18.3 Trillion Uzbek Sums

According to data from the Central Bank of Uzbekistan, the volume of foreign currency acquisition in the country for the period from January to August increased by 17.3%, reaching $44.3 billion.

The majority of these purchases were made by business entities, accounting for $34.7 billion. Citizens of Uzbekistan acquired currencies totaling $9.6 billion during the specified eight months.

Simultaneously, there was an increase in currency supply from the population, which grew by 25.5% to reach $38.2 billion. In this context, the population transferred about $16.6 billion to banks, and companies contributed another $21.6 billion.

During January–August, the dollar exchange rate fluctuated between 11,779 and 12,320 soms, showing an overall increase of 1.5% by the end of this period.

It was previously announced that the Central Bank adjusted the methodology for determining the official currency exchange rate in Uzbekistan. Starting September 15, operations on both the currency exchange and the interbank market will be taken into account when calculating the rate.

According to data on outstanding loans by category, the total outstanding loan balance issued to individuals and legal entities in Uzbekistan amounted to 644.6 trillion sums as of August 1, 2026. This figure showed an increase of 6.7% compared to the beginning of the current year.

In the segment of loans to individuals, the outstanding balance reached 239.8 trillion sums, which is an increase of 8.9% since the beginning of the year. This segment became the fastest-growing among the main categories of the credit portfolio.

Mortgage loans accounted for the largest share in the retail portfolio, with their outstanding balance increasing by 11% to reach 88.1 trillion sums. The balance of microloans grew by 4.7% to 51.1 trillion sums, and the balance of microcredits increased by 15.5% to 46.7 trillion sums. Auto loans grew by 2% to 40.5 trillion sums.

The only retail lending category that showed a decrease was educational loans, whose outstanding balance decreased by 1.3% to 6.8 trillion sums. Consumer loans increased by 3.3% to 508 billion sums. The most significant growth among all individual loan categories was recorded for other loans, including credit cards and overdrafts, whose balance grew by 33.5% to 5.9 trillion sums.

Regarding loans to legal entities, their outstanding balance as of August 1 was 404.8 trillion sums, which is 5.5% higher than at the beginning of the year. The main part of this segment is comprised of loans to legal entities that are not credit institutions, and their balance increased by 4.9% to 377.5 trillion sums.

Interbank loans showed the fastest growth among corporate credit categories, increasing by 58.2% to 1 trillion sums, although this category remains relatively small in absolute terms. Leasing and factoring balances grew by 27.5% to 4.9 trillion sums, and microcredits for legal entities increased by 22.1% to 17.9 trillion sums. Syndicated loans were the only category to record a significant reduction, with their outstanding balance decreasing by 26.1% to 3.5 trillion sums.

Approximately 315.2 thousand entrepreneurs in Uzbekistan will have the opportunity to use an economic amnesty program called 'Second Chance,' which will allow them to write off penalties on tax obligations provided they fully repay them by the end of the current year. The Chamber of Commerce and Industry informed us about this initiative.

According to the CCI, this group of entrepreneurs has accumulated tax debt totaling 9.5 trillion soums, which was formed before September 1, 2026. Penalties accrued on this debt amount to approximately 1.5 trillion soums.

The 'Second Chance' economic amnesty is designed for small and medium-sized business entities and was approved by a decree from President Shavkat Mirziyoyev. This decree was adopted after holding the VI open dialogue with entrepreneurs in the city of Khiva.

According to the document's provisions, if an entrepreneur fully repays the tax debt incurred before the amnesty announcement by December 31, the accrued penalty will be canceled. Furthermore, all enforcement proceedings related to this debt will be terminated.

The CCI specified that to use this mechanism, the principal amount of the tax debt must be repaid no later than December 31, 2026. There is also an option for entrepreneurs to independently correct errors in previously submitted tax reports and fully pay any additionally assessed tax by the end of the year, which will prevent the accrual of penalties on that amount.

The amnesty also allows for the write-off of certain fine debts. The Chamber of Commerce and Industry reported that this concerns 1.6 trillion soums in debt for specific fines accumulated between 2019 and 2025, as well as 39.8 billion soums in fine debt related to turnover tax.

The decree provides for the write-off of unpaid portions of administrative fines for untimely submission of tax reports, incurred before January 1, 2026, as well as financial penalties applied to turnover tax payers at the established rate. Entrepreneurs are also exempted from administrative liability for failing to submit a payment order to the bank for paying taxes and fees.

Additional benefits include the preservation of scores in the Entrepreneurship Sustainability Rating when independently correcting violations within the amnesty framework. The decree also allows for the inclusion of previously formalized employment contracts into the Unified National Labor System without applying a penalty for their late registration.

Moreover, the document approved the introduction of a three-year moratorium on any inspections of small business activities, with the exception of certain cases. The Business Ombudsman has been instructed to study inspections conducted over the past three years.