The Central Bank is concerned about rising household debt levels — and, above all, borrowers' ability to keep up with loan repayments. Central Bank Deputy Chairman Sanjar Nosirov made the statement on August 7 during a Senate session discussing amendments to the Advertising Law that would require mandatory financial-risk warnings in advertisements for loans and microloans.
Senator Khusan Ermatov noted that household debt to banks has reached elevated levels. Citing Central Bank data, he said consumer lending grew 21.2% over the past year, compared with 12% growth in lending to entrepreneurs. Over the past six years, he said, household debt has more than quintupled, reaching 231 trillion soums.
He asked the Central Bank representative whether a mandatory risk warning in advertising would be sufficient to curb further growth in household debt, and whether any research had been conducted into the potential effectiveness of such a measure.
Responding to the senator, Deputy Chairman Sanjar Nosirov acknowledged that the situation was cause for concern.
"You've raised a very valid point. This is indeed a worrying situation. We've seen this kind of growth in recent years," he said.
At the same time, the Central Bank official noted that part of the increase stems from expanded access to bank lending and pent-up demand from previous years. He said that obtaining a bank loan used to be considerably more difficult for individuals, and that reforms in recent years have broadened access to financial services.
He stressed, however, that the regulator's main concern is not the growth in lending volumes per se, but rather the debt burden itself and citizens' capacity to service it.
"Our main concern isn't that the numbers themselves are growing, but rather the growth in debt burden — how capable the population is of servicing that debt. It's the growth in these particular indicators that concerns us most," the deputy chairman said.
Loan repayments capped at half of income
The Central Bank representative noted that the regulator has already introduced several restrictions aimed at preventing excessive household indebtedness.
"We've introduced a debt-service ratio. The threshold is set at 50% — meaning a borrower cannot allocate more than 50% of their monthly income to loan repayments," he said.
In addition, a debt-to-income ratio limit has been in effect since the start of the year. According to the official, for borrowers with officially documented income, loan amounts cannot exceed eight times that income; for those with undocumented income, the limit is five times.
The Central Bank has also strengthened consumer protection measures and stepped up efforts to improve financial literacy among the population, the deputy chairman added.
Ad warnings alone won't solve the problem
During the discussion, the Central Bank representative stopped short of claiming that the new requirement for mandatory warnings in loan advertising would, on its own, halt the growth in household debt.
"This mechanism won't directly stop the growth in debt burden, but it will raise people's awareness. It will help prevent people from being misled by advertising and encourage them to make informed decisions," he said.
He expressed hope that the measure would help foster a culture of responsible lending among both borrowers and banks.
He also cited international research reviewed while drafting the proposal, noting that in the European Union and the United Kingdom, similar measures had been associated with improved debt servicing and reduced arrears, without dampening overall activity in the lending market.
73% of respondents report having debt
During the discussion, Senator Rustam Halmuradov cited additional figures he said were drawn from the Central Bank's financial stability report for the first half of 2025.
He said 93% of household debt obligations consist of bank loans. The debt-burden ratio stands at 78%, up 18 percentage points from 2024.
As of February 1, 2026, some 9.3 million borrowers held outstanding loans totaling 610 trillion soums. Of these, 376,000 loan agreements — worth 19 billion soums — had become classified as non-performing.
According to a Central Bank survey conducted in July 2025, 73% of respondents reported having outstanding debt to banks or non-bank financial organizations, while 61% said they faced difficulties meeting their repayment obligations on time.
The average overall debt burden for individuals stood at 50%, up 16 percentage points from 2024.
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