Interest rates on mortgage programs and educational loans in Uzbekistan will remain unchanged, announced the Minister of Finance Timur Ishmetov after a government meeting chaired by the President on Wednesday.
He noted that the Central Bank raised the interest rate from 14% to 17% in response to ongoing changes in the financial and foreign exchange markets. According to him, this decision is a temporary tool that the regulator used due to some external factors.
Many state programs are tied to the interest rate of the Central Bank, including the mortgage program and educational loans. Resources are allocated from the state budget to banks to finance mortgage loans for up to 20 years, and for educational loans up to 7 years.
“According to the legislation, the rates on these resources and the rates of bank loans should have increased by 3 percentage points. But an instruction was given [by the president] not to apply this measure until the end of the year, that is, interest rates on the mortgage program and educational loans will not rise,” he stressed.
