Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan plans to allow the functioning of guarantee organizations in the country.

According to the regulator, guarantee organizations will act as joint-stock companies (JSC).

The minimum authorized capital will be 100 billion soums.

For the executive director of guarantee organizations, there will be a requirement to have a higher economic education, as well as work experience in the banking or financial industry for at least five years, including three years in management positions.

Accountants will also be required to have a higher education in economics and at least three years of work experience in accounting or auditing.

Guaranty companies will be subject to prudential standards, including capital and liquidity ratios, as well as limits on exposure to borrowers and related parties.

The main function of guarantee organizations will be to provide guarantees (guarantees) for the fulfillment of financial obligations of individuals to credit institutions.

Legal entities will be able to receive guarantees (sureties) more than five times a year, with the exception of founders and employees.