October 10, 07:15UzDaily

Assets of Uzbekistan's microfinance organizations more than doubled to 20.77 trillion soums

According to data from the Central Bank of Uzbekistan, the total assets of microfinance organizations in the country reached 20.77 trillion soums as of September 1, 2026. This figure demonstrates a growth of 114% compared to the level of 9.69 trillion soums a year earlier.

The net portfolio of loans and microleasing increased by 106%, amounting to 18.08 trillion soums, while profit for the current year grew by 133% to reach 1.08 trillion soums. The Central Bank also reported an increase in the number of such organizations from 125 to 141.

As of September 1, 2026, loans and microleasing accounted for 87% of the total assets of microfinance organizations, which is lower than the previous year's figure of 91%. The portfolio volume expanded from 8.78 trillion to 18.08 trillion soums.

Funds placed by microfinance organizations in banks increased by 331%, rising from 304.1 billion to 1.31 trillion soums. Their share in the total asset volume grew to 6% compared to 3% a year earlier. Accounts receivable for accrued interest grew by 228% to 519.3 billion soums, and other assets increased by 146% to 583.8 billion soums.

Cash and other payment documents held in cash offices grew by 37% to 120.9 billion soums. Fixed assets increased by 19% to 147.4 billion soums.

Liabilities and Capital

The total amount of liabilities increased by 138% during the year, reaching 16.34 trillion soums from the previous 6.86 trillion soums. Loans, borrowings, and lease payments amounted to 13.08 trillion soums, or 80% of total liabilities, compared to 5.81 trillion soums and 85% a year earlier.

Other liabilities grew by 221% to 2.71 trillion soums, and accrued interest payable increased by 203% to 518.1 billion soums. Meanwhile, accrued taxes payable decreased by 16% to 27.4 billion soums.

Financing received by microfinance organizations from banks increased by 110%, from 2.17 trillion to 4.54 trillion soums. Total capital grew by 57%, increasing from 2.83 trillion to 4.43 trillion soums. Charter capital increased by 30% to 2.17 trillion soums, accounting for 49% of total capital, which is lower than 59% a year earlier.

Retained earnings increased by 81% to 1.02 trillion soums, making up 23% of total capital. Profit for the current year grew by 133% to 1.08 trillion soums, accounting for 24% of capital. Reserve capital amounted to 143.5 billion soums, and additional capital reached 15.7 billion soums.

Of the 120 microfinance organizations for which the Central Bank provided capital data for both periods, 44 recorded a decrease in total capital during the year.

Capital Structure and Major Players

As of September 1, 2026, 48 organizations had total capital exceeding 10 billion soums, covering 92% of the sector's aggregate capital. A year ago, 37 organizations were in this category, representing 91% of the total capital. Another 48 organizations had capital between 3 and 10 billion soums (6%), and 45 organizations had capital less than 3 billion soums (2%).

Charter capital exceeded 10 billion soums for 31 microfinance organizations, which together accounted for 83% of the sector's total charter capital. Another 45 organizations had charter capital between 3 and 10 billion soums (10%), while 65 organizations had less than 3 billion soums (6%). As of September 1, 2025, the corresponding figures were 25 organizations and 84%, 35 organizations and 7%, and 65 organizations and 9%, respectively.

The largest microfinance organization by assets as of September 1, 2026, was TEZCOIN. Its assets grew by 220%, increasing from 2.39 trillion to 7.64 trillion soums, accounting for 36.8% of the sector's total assets. The company's net loan portfolio reached 6.97 trillion soums, and its liabilities amounted to 6.82 trillion soums, including 969.1 billion soums in bank financing.

TEZCOIN's total capital increased by 251% to 826.8 billion soums, while its charter capital remained unchanged at 50 billion soums.

SHAFFOF-MOLIYA ranked second with assets of 1.78 trillion soums, which is 4% higher. Bank financing for this organization decreased by 52%, from 900.1 billion to 435.8 billion soums.

TBC CREDIT took third place. Its assets grew from 1.85 billion to 1.48 trillion soums, and capital increased from 1.85 billion to 185.2 billion soums.

Following were FORTUNA BIZNES with assets of 1.20 trillion soums (a 16% increase) and VODIY TARAQQIYOT with assets of 675.6 billion soums (a 3% increase).

KORONA's assets grew from 5.7 billion to 527.4 billion soums over the year, and BIZNESGA KO'MAKLASHISH's assets increased from 49.6 billion to 333.3 billion soums. COMMUNITY MIKROFINANCE increased its assets from 2.0 billion to 285.7 billion soums. BRIGHT FUTURE FINANCING increased assets from 2.1 billion to 280.5 billion soums, FUNDFLOW—from 2.0 billion to 238.4 billion soums, and URBAN FINANCE SOLUTIONS—from 2.1 billion to 148.0 billion soums.

Of COMMUNITY MIKROFINANCE's total liabilities of 273.3 billion soums, 263.6 billion soums represented financing received from banks.

Among the 120 microfinance organizations for which the Central Bank provided asset data for both periods, 41 recorded a year-on-year decline in indicators. HAMROH's assets decreased by 13% to 335.3 billion soums, PULMAN decreased by 26% to 132.4 billion soums, and YANGI FINANCE fell by 52% to 69.4 billion soums.

Overview by Asset Size and Credit Quality

By asset size, as of September 1, 2026, 82 microfinance organizations owned assets exceeding 10 billion soums. Together, they possessed assets totaling 20.53 trillion soums, a loan and microleasing portfolio of 17.95 trillion soums, capital of 4.26 trillion soums, and liabilities of 16.27 trillion soums.

Twenty organizations with assets between 5 and 10 billion soums had combined assets of 142.9 billion soums, loans of 92.7 billion soums, capital of 89.6 billion soums, and liabilities of 53.3 billion soums.

Another 39 organizations had assets of less than 5 billion soums. Their combined assets totaled 92.6 billion soums, loans of 41.4 billion soums, capital of 79.4 billion soums, and total liabilities of 13.3 billion soums.

The total outstanding balance of loans of microfinance organizations as of September 1, 2026, reached 18.64 trillion soums, including 455.8 billion soums in non-performing loans (NPLs). The overall NPL ratio was 2.4%.

TEZCOIN reported non-performing loans of 118.9 billion soums with an NPL ratio of 1.7%. SHAFFOF-MOLIYA had 74.0 billion soums in non-performing loans and an NPL ratio of 4.3%. OLTIN YULDUZ PLUS registered 19.0 billion soums in non-performing loans, which accounts for 4.5% of its portfolio, and KORONA—18.2 billion soums, or 5.7%.

FORTUNA BIZNES reported non-performing loans of 18.1 billion soums and an NPL ratio of 1.6%, while YANGI FINANCE had 16.7 billion soums in non-performing loans with an NPL ratio of 28.4%. The NPL ratio was 1.4% for VODIY TARAQQIYOT and 0.6% for TBC CREDIT.

The NPL ratio exceeded 10% in 29 microfinance organizations and 20% in 16 organizations. Four organizations reported a ratio above 50%: SILVER FINANCE (69%), ON DINOR KREDIT (65%), SIRIUS KREDIT (58%), and KREDITOMAT TASHKENT (56%).

None of the 29 organizations with outstanding loan portfolios reported non-performing loans, including BIZNESGA KO'MAKLASHISH, COMMUNITY MIKROFINANCE, ZAYMLY, and FUNDFLOW.

All sources

Assets of Microfinance Organizations in Uzbekistan Reached 20.8 Trillion Sums

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This year, Uzbekistan plans to sell state shares in 84 different companies, as well as put 1,242 real estate objects and 8 thousand hectares of land up for sale. The total estimated value of these assets reaches almost 100 trillion soums, with expected revenues from the privatization process amounting to at least 14 trillion soums.

Sohibjon Murodov, Director of the State Assets Management Agency, announced these plans on October 8 during a press conference. The implementation of these plans is based on a presidential decree aimed at reducing state participation in the economy and accelerating the pace of privatization.

In addition to selling existing assets, the document stipulates the need to liquidate or reorganize 85 enterprises under state control. To speed up the property disposal process, changes were made to the regulations: the period for publishing auction announcements has been reduced from 30 to 15 days, and the interval between holding repeat auctions has been shortened from ten to five days.

If a buyer is not found, there is an option for phased price reduction, down to a 10% decrease from the initial cost. Furthermore, for transactions stipulated by the decree, an initial payment of 15% is permitted, while the remaining amount can be paid in installments without interest accrual. For full payment within six months for some large assets, a 5% discount is provided, although exact conditions depend on the asset category and the chosen sales method.

At the press conference, Murodov presented examples of significant deals: Coca-Cola Uzbekistan was sold for 252 million dollars, a state share in 'Ferganaazot' for 140 million dollars, and 75.2% of the state share in the Samarkand Automobile Plant were sold for 80 million dollars.

After the sale of enterprises, the agency continues to monitor compliance with all obligations undertaken by investors according to signed contracts. Special attention is paid to adhering to investment commitments and maintaining the previous profile of enterprise activities. Field inspections are conducted and buyers' reports are studied to monitor compliance with conditions.

When preparing for the privatization of large and strategically important enterprises, international consultants may be involved to help assess risks related to competition violations and conflicts of interest. According to the agency, one of the priority areas for privatization is putting idle assets into economic circulation. Transferring unused buildings and other facilities to private owners is expected to stimulate investment attraction, the creation of new production, and an increase in job numbers.

Nevertheless, special conditions may apply to certain strategic assets related to ensuring national interests and national security.

podrobno.uzOctober 2, 13:30

Uzbekistan's external debt for the first half of 2026 exceeded $84 billion

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At the beginning of July, the state external debt amounted to $41.7 billion, while corporate debt was estimated at $42.4 billion. Compared to the previous year, the total debt level was at $72.2 billion. During this period, state debt increased by $4.9 billion, and corporate debt increased by $7 billion.

The Central Bank specified that the corporate external debt includes loans from the private sector that do not have state guarantees. In this case, the state is not responsible for such obligations; payments are made by the enterprises and banks themselves.

The regulator also refers to the International Monetary Fund's assessment, which notes that Uzbekistan's debt burden remains low, and most of the attracted funds were obtained on favorable, preferential terms.

It was previously reported that at the end of the second quarter of 2026, Uzbekistan's state debt reached $48.3 billion. Of this amount, $40.7 billion was due to external obligations, and the remaining $7.6 billion was domestic.

uzdaily.uzSeptember 30, 19:00

Average microloan rate in Uzbekistan reached 28.2%, according to the Central Bank

According to data published by the Central Bank of Uzbekistan, the weighted average interest rate for microloans issued by commercial banks in Uzbekistan was 28.2%. Meanwhile, average rates for car loans reached 21.5%, and for mortgage loans—21.8%.

This data is current as of September 28, 2026, and reflects lending rates recorded over the previous ten working days. The largest spread in rates was observed specifically in the microloan market, which provides unsecured loans to individuals to meet consumer needs.

The lowest average microloan rates were offered by Microcreditbank (21.8%), Infinbank (24%), Asia Alliance Bank (24.2%), and Trustbank (24.5%). Banks Agrobank, National Bank, and Aloqabank set the rate at 24.9%. On the other hand, the highest rates were recorded at TBC Bank (40.7%), AVO Bank (39.9%), and Uzum Bank (38%). The average rate at Ipak Yuli Bank was 35.5%, and at Tenge Bank—35.3%.

The Central Bank noted that banks offer microloans under preferential conditions through digital platforms and partnership programs, including products for entrepreneurs, salary advances for borrowers, and loans that take into account the client's credit history. Consequently, average rates may differ from those applied to standard bank products.

Car loan rates ranged from 18.6% to 25.2%. The lowest rates for targeted vehicle purchase loans were offered by Aloqabank and Asakabank, both at 18.6%. Their offers were followed by Ipoteka Bank (20%), Apex Bank (20.2%), and National Bank (20.4%). The maximum rates were recorded at Davr Bank and Asia Alliance Bank, at 25.2%, followed by Agrobank (24.7%) and Halk Bank (24%).

The regulator also explained that average car loan rates may differ from current bank offers because, within agreements with car manufacturers, banks provide loans at reduced rates depending on the size of the down payment.

For mortgage loans, the lowest rates were offered by National Bank and Business Development Bank, both at 20.8%. Next were Uzpromstroybank (SQB) with a rate of 21%, Orient Finans Bank (21.1%), and Asakabank (21.2%). The highest mortgage rates were registered at Asia Alliance Bank (26%), Davr Bank (25.3%), and Apex Bank (25%).

Average mortgage rates include loans for secondary housing, financed by the banks' own funds and funds from the Mortgage Refinancing Company.

The average rate for corporate loans for the acquisition of fixed assets, including buildings, equipment, and vehicles, was 22.2%. The lowest rates were offered by National Bank and Uzpromstroybank, both at 19.3%, followed by Agrobank (19.8%). The highest rates were set by Garant Bank (28%) and Universal Bank (26.2%).

Working capital replenishment loans were issued at an average rate of 23.5%. Minimum rates were offered by National Bank (20.6%), Apex Bank (20.8%), and Infinbank (21.1%). The highest rates were set by Tayanch Bank (32.8%), TBC Bank (32.3%), and Hayot Bank (28.9%).

Regarding business loans, the final interest rate is determined individually for each client, taking into account the project implementation period, collateral liquidity, the bank's credit policy, and market conditions. Overall, the average interest rate for individual loans, excluding microloans and credit cards, and for corporate loans was 23%.