Why are Uzbeks taking out the most loans? Central Bank analysis
In Uzbekistan, the population's demand for borrowed funds remains at a high level. An analytical review published by the Central Bank of the Republic of Uzbekistan dedicated to the results of the second quarter of this year revealed important information about citizens' loan-taking trends, income levels, and the purposes for which funds are most frequently directed.
The report's findings show that the desire to borrow has significantly increased not only among middle-income earners, but also among high-income strata.
Who has the highest need? Statistics by income
Central Bank surveys clearly showed the demand for loans across various income groups of the population with specific figures:
Earners of 3 million to 10 million UZS: Demand for borrowing in this group recorded the highest figure — 57–59 percent of respondents stated an increasing need for additional borrowed funds in the near future;
Earners of 15 million to 20 million UZS: Among citizens in this category, the share of those expecting an increased need to borrow made up 44 percent;
Earners of over 20 million UZS: Among the high-income stratum, the figure is also quite high — 53 percent of respondents reported a need for credit funds.
Where are loan funds being directed?
Citizens plan to spend the obtained loans mainly to cover vital expenses and social needs:
Main directions: The population intends to spend loan funds primarily on home renovation, education expenses, and other daily necessities;
Traditional expenses remain stable: Expenses related to holding wedding ceremonies, purchasing automobiles, and medical treatment remain equally important across all income groups and stay among the primary sectors where loan funds are directed.
This Central Bank analysis shows that the consumer activity of the population in the country is being maintained, but the need for financial support in areas such as education, housing construction, and medicine still retains priority importance.
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