#Legal_news Loans received in foreign currency are compensat | Legal Info

#Legal_news

Loans received in foreign currency are compensated when transferred to the national currency

The President's Resolution "On additional measures to reduce the burden on business entities associated with the fulfillment of their credit obligations in foreign currency" was adopted.

According to the Resolution, when transferring loans received from commercial banks in foreign currency into the national currency, the State Fund for Business Support provides compensation to cover interest expenses in excess of the Central Bank's basic rate, but not more than 5 percentage points, loans to business entities with valid compensation agreements not exceeding the equivalent of 1 million US dollars, and an interest rate not exceeding 1.75 times the size of the Central Bank's basic rate.

From November 1, 2021, loans (credits) raised from the funds of international financial institutions and foreign government financial organizations on behalf of the Republic of Uzbekistan in foreign currency for the purpose of financing entrepreneurial projects will be re-credited to financial organizations participating in projects for a period of at least 10 years or for the period of their attraction.

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