The volume of population loans excluding microloans in Uzbekistan in the first half of 2026 increased by 36.9%. Retail trade for the same period grew by 26.8%. These data are presented in a Glava B2B Analysis study based on information from the Central Bank and the State Statistics Committee.
Growth structure
In January–June 2026, for every 100 soums of retail turnover, 19.8 soums of new loans were issued. A year earlier, the figure was 18.4 soums, in 2024 — 15.7 soums.
- auto loans — +64.7%;
- consumer loans — +62.7%;
- mortgages — +38.6%;
- microcredits — +5.1%.
Microloans nearly halved
The total volume of population loans decreased by 7.6%: from 76.2 trillion soums in H1 2025 to 70.4 trillion soums in H1 2026. The reason is a reduction in microloan issuance by 48.3%, from 39.8 trillion to 20.6 trillion soums. In 2025, it grew by 111.4%. Microloans' share in population loans fell from 52.2% to 29.2%.
Glava B2B Analysis founder Regina Rafikova attributes this, likely, to a regulatory decision. From July 24, 2025, the Central Bank limited the share of microloans in banks' credit portfolios and tightened requirements for maximum overpayment on all population loans and debt burden ratios.
Banks increased business lending
The total volume of loans issued by banks in January–June 2026 grew by 5.1% to 191.4 trillion soums. Lending to non-population borrowers increased by 14.2%. Credits to trade and catering enterprises rose by 43.2%, with their share in total issuance rising from 15.2% to 20.7%.
Population debt is growing
Despite reduced issuance, population debt to banks is increasing. According to the Central Bank, as of September 1, 2026, it reached 243.6 trillion soums, 18.6% higher than a year earlier. The population's share in bank credit portfolios increased from 35.4% to 37.5%.
Over the year, mortgage debt grew by 19.3%, education loans by 15.7%, auto loans by 8.3%. Microloan debt decreased by 17.7%. Population debt is growing more slowly than retail trade: in January–August 2026, turnover increased by 25.6%.