Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 29. Mandatory Economic Requirements of the Central Bank
In order to secure the financial viability of licensed micro-credit organizations entitled 
to accept individual deposits and in order to prevent losses of small depositors, the Central 
Bank shall develop financial implementation requirements. 
Micro-credit organizations entitled to accept individual deposits shall meet the 
following financial requirements which will be established by the Central Bank: 
• Minimum amount of chartered capital; 
• Maximum amount of non-cash share of chartered capital not exceeding 20 
percent; 
• Liquidity requirement; 
• Amount of reserves to cover losses; 
• Amounts of currency, interest rate, and other risks; 
• Requirements for transactions involving groups of mutually dependant 
borrowers; 
• Maximum ratio of deposits accepted to total capital. 
Article 30. Inspecting the operations of micro-credit organizations entitled to 
accept individual deposits

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The Central Bank shall conduct inspections of operations of micro-credit 
organizations entitled to accept individual deposits in the form of on the spot and desk audits.
Inspection procedures shall be established by the Central Bank. 
Article 31. Security Guarantees for Individual Deposits
 
Micro-credit organizations entitled to accept individual deposits which hold a Central 
Bank license must participate in the system of guaranteed insurance of individual deposits by 
making regularly scheduled contributions in conformity with the Law of the Republic of 
Uzbekistan on Security Guarantees for Bank Deposits of Individuals. 
SECTION 5. RECEIPT OF REGISTRATION CERTIFICATE FOR 
MICRO-CREDIT ORGANIZATION NOT ENTITLED TO 
ACCEPT DEPOSITS AND NON-PROFIT MICRO-CREDIT