Where are loans allocated in Uzbekistan going?

More than one-fifth of the 629 trillion soums in loans issued by commercial banks for domestic needs in Uzbekistan has been directed to the industrial sector, the Central Bank reported.

According to the Central Bank, as of May 1, 2026, the volume of loans issued by commercial banks stood at 629 trillion soums. This figure increased by 11% compared with the same period last year.

The industrial sector maintained its leading position in the structure of loan allocations. Loans issued to this sector amounted to 137.5 trillion soums, accounting for 22% of the total loan portfolio. However, compared with last year, the volume of industrial loans decreased by 14%.

According to the Central Bank, this indicates that the loan portfolio is becoming more diversified across other sectors of the economy.

The outstanding balance of loans issued to the population reached 230.8 trillion soums, making up 37% of total loans. Analysis shows that this segment grew by 21% over the year and is becoming one of the largest areas of the credit market.

The regulator said significant growth was also recorded in real sector industries. In particular, loans issued to the construction sector increased by 44%, loans to trade and general services rose by 20%, and agricultural loans grew by 16%.

The highest growth rate in the loan portfolio was recorded in the “other sectors” category, where the volume of loans increased by 31% over the year. Loans to the transport and communications sector remained almost stable.

The Central Bank noted that although the industrial sector continues to hold a leading position in the loan portfolio, recent years have seen a broader distribution of credit resources toward areas such as the population, services, construction and agriculture.

Earlier, it was reported that international rating agency Fitch had upgraded the outlook on Uzbekistan’s sovereign credit rating from “stable” to “positive.”