OREANDA-NEWS. July 22, 2008. Uzbek commercial banks allocated some 557,9 billion soums to support small business and private entrepreneurship in the first half of 2008, which is 41,3% more compared to the first six months of 2007, press service of the Central Bank of Uzbekistan said.

The Board of the Central Bank held meeting to discuss results of banking system activity in the first six months of 2008 and implementation of priority directions set by the President Islam Karimov on 18 July 2008 at the session of the Cabinet of Ministers.

It was noted during the meeting that the rigid monetary-credit policy pursued by the Central Bank in January-June 2008 was aimed at strengthening macroeconomic stability. The bank's refinancing rate was unchanged at 14% APR in order to prevent inflation expectations in the country's economy.

Commercial banks are boosting their activity in deed of financial support of the country's economic growth, including the positive trend of increase of the volume of credits issued to the real sector of economy. Currently the total volume of credit investments makes up 5.95 trillion soums.

In the pursuance of the Presidential Decree "On additional measures to provide material and moral support to young families" dated 18 May 2007, commercial banks allocated preferential mortgage, micro and consumer credits worth a total of 61,8 billion soums in the reporting period.