The Central Bank threatens commercial banks with tough measures for unilateral change in interest rates on loans and deposits

The Central Bank of Uzbekistan has threatened commercial banks with tough measures for unilateral changes in interest rates on loans and deposits, Kun.uz correspondent reports citing data from the regulator.

“Based on the results of a study of contracts concluded between commercial banks and their customers, there were revealed cases of conditions in contracts that gave banks the right to unilaterally change interest rates on loans issued and attracted deposits, as well as fees for their services - which is a violation of consumer rights,” the Central Bank noted.

The presence of such cases leads to a violation of the rights and legitimate interests of consumers of banking services, as well as to the loss of their confidence in the banking system of the republic.

“In order to ensure the protection of the rights and legitimate interests of consumers of banking services, the Central Bank requires the Board of commercial banks to take appropriate measures to eliminate conditions in contracts that provide for a unilateral right to change tariffs for services, interest on loans issued and deposits attracted,” the Central Bank reported.

In the event that the Central Bank identifies in the contracts concluded with the clients of commercial banks, conditions that contradict the interests of consumers of banking services, tough measures will be taken to this bank in accordance with the current legislation.