The Central Bank will begin to regulate the term payment market

On May 2 of this year, the Central Bank of the Republic of Uzbekistan hosted a conference of the International Monetary Fund. Timur Ishmetov, the Chairman of the Central Bank, who participated in it, provided information on the goals and plans for regulating the term payment (“installment”) market in the country.

According to Timur Ishmetov, the main attention of the regulator is focused on new types of markets that are not yet under control, but which may pose economic and financial risks. One of such markets is the “BNPL” (“Buy Now Pay Later” or “Buy Now, Pay Later”) system, which has recently expanded the scope of this type of financial service in our country and has gained significant volume.

“We have already held several meetings with active participants in this industry. As a result of the analysis and discussions, the need to regulate the term payment system arose. "In this regard, it is important for banks to take into account the system of installment payments in the general debt burden of the population and protect the legal and financial interests of clients," said Timur Ishmetov.

According to the head of the Central Bank, such measures will ensure effective protection of the rights and financial interests of clients. At the same time, the debt burden of the population and the ability to maintain financial stability in general will increase.

Also, according to the conference participants, such a new procedure will be an important step towards strengthening financial stability in the country's economy and increasing market transparency. Read 'Zamin' on Telegram!