Number of nonbanking credit organizations in Uzbekistan reach 209

Tashkent, Uzbekistan (UzDaily.com) -- Number of nonbanking credit organizations in Uzbekistan reached 209 as of 1 January 2011, of which 116 are credit unions, which have about 212,000 persons, and 35 microcredit organizations and 58 pawnshops.

Central Bank of Uzbekistan said that the sector has been developing dynamically in past years and high growth of assets and number of nonbanking credit organizations is observed.

As of 1 January 2011, total volume of loan portfolio of nonbanking credit organizations increased by 58% year-on-year to 304 billion soums.

The bank said that credit unions are also becoming key player in deposits market. Mobilization of resources helps them to form internal sources of financing resources, playing important role in sustainability of credit unions.

The volume of deposits, attracted by credit unions, made up 229 billion soums as of 1 January 2011. The growth rate made up 51% year-on-year.

It is worth to mention that almost 90% of deposits of credit unions are term deposits, which confirms stability of resource base.