Central Bank to examine credit card fees charged by banks after consumer complaints

The Competition Promotion and Consumer Protection Committee has submitted a request to the Central Bank of Uzbekistan to address issues concerning citizens’ rights in credit card operations carried out by commercial banks.

Photo: KUN.UZ

The request calls for a review of current practices regarding the calculation of interest on such transactions and for measures to ensure the return of unjustifiably withheld commissions.

According to the committee, Uzbekistan has pursued policies in recent years aimed at supporting various forms of lending to stimulate economic growth and improve living standards.

“However, in a number of state and private commercial banks, payments for utilities, education, medical and insurance services, as well as taxes made through credit cards are treated as cash withdrawals. As a result, these transactions are subject to additional interest and commissions, which has justifiably caused public dissatisfaction,” the statement said.

In accordance with the articles of the Law of the Republic of Uzbekistan “On Protection of Consumer Rights”, the committee has requested the Central Bank to:

• examine the activities of state and private banks and review their current practice of charging interest on credit card transactions;

• take into account consumer interests and adopt measures to refund unjustifiably withheld commissions and service fees.