As of April 28, commercial banks of Uzbekistan had provided a total of over 21 trillion soums of deferred credit payments for enterprises experiencing financial difficulties, the Central Bank said.
In addition, credit organizations were granted the right to not change the classification of loan quality, the terms of which were revised in accordance with the above recommendations, and not to form additional reserves.
At the same time, the Central Bank predicts that the volume of loans will grow within the growth rate of nominal GDP (18-22%). In particular, in the second quarter, loans will mainly be directed to agriculture, healthcare and working capital replenishment. According to the baseline scenario, quarantine restrictions will be lifted in the Q1, and in the third quarter, increased lending activity will be observed with the beginning of recovery processes in the economy.
It should be recalled that in order to reduce the risks of borrowers in terms of repaying loans, in the context of a coronavirus pandemic, it is recommended that all credit organizations based on requests from individuals and legal entities -- borrowers whose activities have been affected by the quarantine regime -- provide a grace period (until October 1, 2020) for loan payments and accordingly, extend the deadline for payments, in case of arrears do not apply penalties and do not foreclose on the collateral.
