People's Bank and Microcreditbank enjoy new benefits

A presidential decree approved measures to improve the financial state and further improve the activities of JSC People's Bank and JSCB Microcreditbank.

The statutory capital of the banks set to increase in 2018-2019. In particular:

The statutory capital of the Pople's Bank will be replenished with additional funds worth 1.6 trillion soums.

Microcredit Bank will enjoy the amount worth 600 billion soums.

Both banks until 1 January 2023, shall be exempt:

- from payment of all types of taxes, with their consequent spending to increase the state share of the Ministry of Finance in authorized capital of the banks;

- from payment of customs duties (except for customs clearance fees) for imported equipment and machinery not manufactured in Uzbekistan, according to the lists approved in accordance with the established procedure.

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