Oliy Majlis Senate raises microcredit limit to 100 million soums
Economy
According to the press service of the upper house of parliament, the Oliy Majlis Senate has approved an increase in the maximum size of microloans from 50 to 100 million sums.
The senators believe that the amendments to the legislation on non-bank credit organisations and microfinance activities will help expand access of the population and entrepreneurs to microloans and loans, as well as improve borrowers' ability to repay loans.
The law is aimed at meeting the need for financial services, stimulating business activity and addressing problems in microfinance.
Moreover, amendments to the Civil Code provide for stopping the accrual of interest and penalties when there is a court judgement on the collection of loan debts. This step should contribute to faster repayment of loans by households and businesses.
The law is aimed at meeting the need for financial services, stimulating business activity and addressing problems in microfinance.
Moreover, amendments to the Civil Code provide for stopping the accrual of interest and penalties when there is a court judgement on the collection of loan debts. This step should contribute to faster repayment of loans by households and businesses.
Powered by Froala Editor