Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 10. Sources of Funding to Issue Micro-credits
 
Micro-credit organizations shall issue micro-credits to individuals and legal entities 
based on the following sources: 
• Individual deposits held (only for micro-credit organizations entitled to accept 

---

73
individual deposits); 
• Equity of micro-credit organization; 
• Funds provided by local and foreign investors directly for the purpose of issuing 
micro-credits based on investment contracts; 
• Bank- and non-budget fund loans; 
• Revenues generated in micro-crediting operations; 
• Grants and loans of international financial institutions, non-state non-profit 
organizations, including foreign organizations; 
• Other sources not prohibited by legislation. 
Micro-credits shall be issued up to the amount of funds in the accounts of the micro-
credit organization. 
Article 11. Operations of Micro-credit Organization 
 
Micro-credit organizations can conduct the following auxiliary operations not 
exceeding maximum amount of micro-credit and other services: 
Purchase and sale of liabilities (factoring); 
Leasing (financial lease), where micro-credit organizations shall act as the Lessor up 
to the maximum size of micro-lease per Lessee; 
Provide consulting and information services to its clients related to issuance of micro-
credits. 
Micro-credit organizations can issue micro-credit to several persons based on their 
joint responsibility up to the maximum amount of micro-credit. 
Only micro-credit organizations entitled to accept individual deposits shall be 
permitted to accept individual deposits. 
 
Article 12. Interest policy of micro-credit organizations
 
Interest rates on micro-credits and commissions for operations and services shall be 
set by micro-credit organizations. 
Micro-credit organizations shall not be permitted to unilaterally change the term of 
micro-credit agreements and interest rates on micro-credits issued except for the cases when 
it is envisioned by the loan agreement and does not create adverse consequences for the 
borrower. 
The Central Bank shall not be authorized to regulate interest rates of micro-credit 
organizations. 
The Central Bank shall be entitled to demand standardized information about interest 
rates and other commissions to enable existing and prospective clients to compare the costs 
of borrowed funds.