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Finance
07/09/2010
Central Bank of Uzbekistan withdraws license of microcredit organization
Central Bank of Uzbekistan withdraws license of microcredit organization
Tashkent, Uzbekistan (UzDaily.com) --
Central Bank of Uzbekistan abolished license, giving right to carry out activity of microcredit organization, of the Andijan-based Fovarit invest mikrokredit tashkiloti LLC.
The Board of the Bank adopted decision on abolishing license of credit union on 28 August in line with the article 17 and 53 of the Law “On Central Bank of Uzbekistan” and Law “On microcredit organizations”.
The regulator said that the microcredit organization systematically violated law “On microcredit organizations” and did not executed orders of the Central Bank on elimination of revealed violations in its activity.
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