The issue was discussed at a Senate meeting during consideration of amendments to the Law on Advertising. The proposed amendments would require advertisements for loans and microloans to include warnings about financial risks.
Senator Khusan Ermatov pointed to the high level of household indebtedness to banks. Citing Central Bank data, he said lending to individuals had increased by 21.2% over the past year, while lending to businesses grew by 12%.
Over the past six years, household debt has increased more than fivefold to UZS 231 trillion, according to the senator.
Ermatov asked Central Bank Deputy Chairman Sanjar Nosirov whether mandatory financial risk warnings in loan advertisements could help reduce household debt burdens and whether the effectiveness of such a measure had been assessed.
Nosirov acknowledged the regulator’s concerns, saying the rapid growth in household lending was “a worrying situation”.
He said part of the increase reflected the wider availability of banking services and the release of pent-up demand accumulated in previous years. Access to bank loans had previously been more limited for individuals, while reforms in recent years had made financial services more accessible.
However, Nosirov stressed that the Central Bank was more concerned about the debt burden than the overall growth in lending.
“Our main concern is not that the figures themselves are growing, but rather the increase in the debt burden – how capable people are of servicing that debt,” he said.
Central Bank tightens lending requirements
The regulator has already introduced several measures aimed at preventing excessive household borrowing.
One of them is a debt-service ratio capped at 50%. Under the requirement, borrowers should not spend more than half of their monthly income on loan repayments.
Since the beginning of 2026, the Central Bank has also imposed a debt-to-income limit. According to Nosirov, a borrower’s total debt cannot exceed eight times their official income, or five times their income when it is not officially documented.
The regulator has also strengthened measures to protect consumer rights and improve financial literacy, he said.
Nosirov cautioned against expecting the proposed advertising requirement to halt the growth in household debt on its own.
“The mechanism will not directly stop the debt burden, but it will improve people’s awareness. It will help prevent consumers from being misled by advertising and encourage them to make informed decisions,” he said.
The Central Bank hopes the measure will contribute to a culture of responsible borrowing among both consumers and banks.
9.3 million borrowers had outstanding loans as of February
Senator Rustam Khalmuradov cited additional figures from the Central Bank’s financial stability report for the first half of 2025.
According to the senator, bank loans account for 93% of households’ debt obligations. The household debt burden stood at 78%, up 18% from 2024.
As of February 1, 2026, 9.3 million borrowers had outstanding loans totaling UZS 610 trillion.
At the same time, 376,000 loan agreements, with outstanding debt totaling UZS 19 billion, had been classified as non-performing loans.
