{"id":12679,"date":"2025-11-18T10:14:34","date_gmt":"2025-11-18T05:14:34","guid":{"rendered":"https:\/\/frank.uz\/bez-kategorii\/uzbekistans-household-debt-burden-has-decreased-but-the-quality-of-microloans-is-worsening\/"},"modified":"2025-11-18T10:14:34","modified_gmt":"2025-11-18T05:14:34","slug":"uzbekistans-household-debt-burden-has-decreased-but-the-quality-of-microloans-is-worsening","status":"publish","type":"post","link":"https:\/\/frank.uz\/en\/news-en\/uzbekistans-household-debt-burden-has-decreased-but-the-quality-of-microloans-is-worsening\/","title":{"rendered":"Uzbekistan\u2019s household debt burden has decreased, but the quality of microloans is worsening"},"content":{"rendered":"<h3>Why is this important<\/h3>\n<p>DSTI 33% (from 36%) \u2014 debt burden is decreasing due to salary growth of +17%, macroeconomic measures of the Central Bank (restriction of loans with high DSTI). Banks 93% \u2014 concentration of liabilities in the regulated sector, risk reduction. Microloans are 3%, but the quality deteriorates \u2014 the growth of overdue payments, borrowers with multiple loans, systemic risk while income decreases.  <\/p>\n<h3>What happened<\/h3>\n<ul>\n<li>DSTI decreased to 33% (from 36%);<\/li>\n<li>Banks &#8211; 93%, non-bank loans \u2014 4%, microloans \u2014 3%;<\/li>\n<li>Risks: growth of borrowers with multiple loans, deterioration of microloans;<\/li>\n<li>Car loans and mortgages are improving \u2014 fewer borrowers with a high burden.<\/li>\n<\/ul>\n<h3>DSTI (Debt Service-to-Income)<\/h3>\n<ul>\n<li><strong>What is this:<\/strong> the ratio of monthly loan payments to borrower&#8217;s income.<\/li>\n<li><strong>33%:<\/strong> average DSTI for the country (with 36%) \u2014 debt burden is decreasing.<\/li>\n<li><strong>Reasons:<\/strong> salary growth +17%, Central Bank&#8217;s macroeconomic measures (restriction on loan issuance with DSTI &gt;50%).<\/li>\n<\/ul>\n<h3>Structure of liabilities<\/h3>\n<ul>\n<li><strong>Banks:<\/strong> 93% (with 81%) \u2014 concentration in the regulated sector, risk reduction.<\/li>\n<li><strong>Non-bank credit institutions:<\/strong> 4% (from 27%) \u2014 reduction of the share due to regulation.<\/li>\n<li><strong>Microloans:<\/strong> 3% (with 10%) \u2014 a small share, but the quality deteriorates.<\/li>\n<\/ul>\n<h3>Risks<\/h3>\n<ul>\n<li><strong>Borrowers with multiple loans:<\/strong> the number of people with 2-3+ loans simultaneously is increasing \u2014 the risk of non-payment when income decreases.<\/li>\n<li><strong>Microloans:<\/strong> portfolio quality is deteriorating \u2014 growth in overdue payments, 50%+ borrowers with DSTI 26-50% (high burden). Microloans are sensitive to decreased income \u2014 a potential systemic risk. <\/li>\n<\/ul>\n<h3>Car loans<\/h3>\n<ul>\n<li><strong>Improvement:<\/strong> the share of borrowers with DSTI &gt;51% decreases \u2014 cautious issuance standards.<\/li>\n<li><strong>Concentration: <\/strong>Most borrowers with DSTI 26-50% \u2014 moderate burden.<\/li>\n<\/ul>\n<h3>Mortgage<\/h3>\n<ul>\n<li><strong>Improvement:<\/strong> the share of borrowers with DSTI &gt;51% is decreasing \u2014 subsidizing 7%, salary growth +17%.<\/li>\n<li><strong>Concentration:<\/strong> 50%+ borrowers with DSTI 26-50% \u2014 moderate burden.<\/li>\n<\/ul>\n<h3>Microloans<\/h3>\n<ul>\n<li><strong>Deterioration: <\/strong>increase in overdue payments, 50%+ borrowers with DSTI 26-50%, 25% with DSTI &gt;51%.<\/li>\n<li><strong>The reason:<\/strong> rapid growth in volume, issuing several microloans simultaneously to low-income borrowers.<\/li>\n<li><strong>Risk:<\/strong> Microloans are sensitive to income reduction (job loss, inflation) \u2014 potential systemic risk in case of mass defaults.<\/li>\n<\/ul>\n<h3>Macro\u043f\u0440\u0443\u0434\u0435\u043d\u0446\u0438\u0430\u043b\u044c\u043d\u044b\u0435 \u043c\u0435\u0440\u044b<\/h3>\n<ul>\n<li><strong>Central Bank:<\/strong> limiting the issuance of loans with DSTI &gt;50%, portfolio quality control, increasing bank capital requirements.<\/li>\n<li><strong>Result: <\/strong>reduction of DSTI from 36% to 33%, improvement of the quality of car loans, mortgages.<\/li>\n<\/ul>\n<h3>Uncreditedness<\/h3>\n<ul>\n<li><strong>Loans\/GDP:<\/strong> below long-term level \u2014 market is under-credited, growth potential.<\/li>\n<li><strong>Moderate load:<\/strong> DSTI 33% \u2014 healthy level, does not pose a threat to stability.<\/li>\n<\/ul>\n<h3>Context<\/h3>\n<ul>\n<li><strong>DSTI 33%: <\/strong>decrease from 36% due to salary growth +17%, Central Bank&#8217;s macroeconomic measures (limited loans with high DSTI).<\/li>\n<li><strong>Banks 93%:<\/strong> concentration in the regulated sector \u2014 safer than non-bank organizations, microloans.<\/li>\n<li><strong>Microloans \u2014 risk:<\/strong> quality deteriorates (increase in overdue payments, borrowers with multiple loans), sensitive to decreased income \u2014 systemic risk during crisis.<\/li>\n<li><strong>Car loans, mortgages are improving: <\/strong>cautious issuance standards, mortgage subsidies of 7%, salary increases reduce the share of borrowers with a high burden.<\/li>\n<li><strong>Borrowers with multiple loans:<\/strong> the main risk \u2014 if income decreases, they will not be able to service debts and mass defaults.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The DSTI fell to 33% as a result of macroprudential measures. The quality of auto loans and mortgages is improving, with a reduced proportion of borrowers facing high debt burdens. <\/p>\n","protected":false},"author":4,"featured_media":8095,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_sharing_image":{"poster":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/11\/691cc487a18da.jpg","width":1200,"height":630,"template":"2bf59057","mode":"auto"},"_sharing_image_fieldset":{"Dv78f24rp1hU":8095,"YlB8HH34jIzY":"Uzbekistan\u2019s household debt burden has decreased, but the quality of microloans is worsening"},"pin_until":"","footnotes":""},"categories":[2061],"tags":[2081,2261,2335,2079],"class_list":["post-12679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-cb","tag-credits","tag-debt-burden","tag-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Uzbekistan\u2019s household debt burden has decreased, but the quality of microloans is worsening &#8212; Frank.uz<\/title>\n<meta name=\"description\" content=\"The DSTI fell to 33% as a result of macroprudential measures. 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