Decrease in Consumer and Auto Loan Volumes in Uzbekistan
Consumer and Auto Loan Issuance Drops Significantly in Uzbekistan in 2024
In a report released by the Central Bank of Uzbekistan, it was revealed that the volume of consumer and auto loans issued in the country decreased by more than two times in 2024. The most notable decline occurred in the fourth quarter, with loan issuance dropping by approximately one-third compared to the end of 2023.
Auto lending experienced a 2.14 times decrease, with a total of 17.08 trillion UZS in loans issued throughout the year. The highest activity was recorded in January and May, with more than 1.7 trillion UZS in loans issued during those months. The lowest issuance was in September, totaling 1.14 trillion UZS, the lowest level since February 2022.
Similarly, consumer lending also saw a significant drop of 2.16 times, falling from 40.14 trillion UZS in 2023 to 18.54 trillion UZS in 2024. The peak months for consumer loans were January, April, May, and October, with approximately 1.8 trillion UZS issued during each of those months. June recorded the lowest activity, with only 1.25 trillion UZS in loans issued.
In the fourth quarter of 2024, both auto and consumer loan issuance decreased by around one-third compared to the end of 2023. On the other hand, mortgage lending in 2024 slightly increased to 17 trillion UZS, up from 16.8 trillion UZS in 2023. The most active months for mortgages were September (1.7 trillion UZS) and July (1.6 trillion UZS).
Microloans, however, experienced a surge in 2024, reaching 45.8 trillion UZS, compared to 28.7 trillion UZS in 2023. The highest activity for microloans was seen in August and October, with 2.7 trillion UZS issued in each of those months.
The significant decrease in consumer and auto loan issuance in Uzbekistan in 2024 reflects the overall trend in the country’s lending sector. Despite some increases in mortgage and microloans, the overall decline indicates a shift in borrowing patterns among consumers and businesses in the country.
