Uzbek Govn’t directs US$500 million to recapitalize commercial banks

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Uzbek Govn’t directs US$500 million to recapitalize commercial banks

Tashkent, Uzbekistan (UzDaily.com) — Government of Uzbekistan will direct US$500 million for recapitalization of commercial banks of the country.

On 16 June 2017, the President of Uzbekistan Shavkat Mirziyoyev signed a corresponding resolution.

The resolution is aimed at maintaining the level of capitalization of commercial banks, enhancing financial stability of the banking system and expanding their participation in financing investment projects and entrepreneurship.

According to the document, the Fund for Reconstruction and Development (FRDU) will allocate US$500 million in 2017 to increase the state share in the authorized capitals of commercial banks of Uzbekistan.

Commercial banks will use the funds, received from the FRDU to form and increase state stake in their authorized capital, to finance and co-finance programs of social-economic development of the regions of Uzbekistan in 2017-2018 and financial support for business entities, the resolution said.

Uzbek leader instructed the Central Bank to introduce a mechanism for providing loans to commercial banks with acute shortage of liquidity. The credits will be provided for up to three months and without collateral, the document added.

The resolution noted that banks should use these funds only to maintain liquidity in order to ensure the continuity of payments. The banks do not have the right to use these resources for providing loans.

President Shavkat Mirziyoyev also granted the right to the Central Bank to introduce a guardianship regime over a commercial bank, which did not ensure uninterrupted payment for customers after receiving the loan without collateral from the regulator.

 

Source  :  UzDaily

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