BAKU, Azerbaijan, June 20. Commercial banks in
Uzbekistan marked an increase of 2.6 trillion soms (about $215
million) in mortgage loans, compared with the same period last
year.


This was reflected in the statement by the Central Bank of
Uzbekistan.


Commercial banks in Uzbekistan issued 10.6 trillion soms (about
$879 million) in mortgage loans to 34,700 borrowers during the
first five months of 2026.


"The average interest rates on newly issued mortgages ranged
from 16.8% to 21.7%, depending on the source of financing." the
statement noted.


The majority of mortgage lending continued to support the
primary housing market, with 76% of total loans directed toward the
purchase of newly built homes. The remaining 24% was allocated to
transactions in the secondary housing market.


The figures indicate sustained demand for residential property
despite relatively high borrowing costs, with newly constructed
housing remaining the preferred choice among borrowers.


The growth in mortgage lending reflects continued strength in
Uzbekistan's housing market and the government's broader efforts to
expand access to homeownership. The dominance of the primary
housing segment suggests that residential construction remains a
key driver of economic activity and investment. At the same time,
mortgage rates above 16% indicate that housing demand has remained
resilient despite elevated financing costs, highlighting the
importance of state housing programs, rising household incomes, and
ongoing urban development across the country.


The increase in mortgage lending reflects continued
strengthening of Uzbekistan's banking sector and growing access to
housing finance. The expansion of lending activity comes amid
broader reforms aimed at modernizing the country's financial
system, improving banking regulation, and increasing competition in
the sector.







Earlier in an exclusive interview with Trend, a representative of the National Bank of
Slovakia told that a memorandum of cooperation signed with the
Central Bank of Uzbekistan on June 5 would create new opportunities
for the exchange of expertise and institutional dialogue between
the two central banks.


"The memorandum provides a solid framework for our institutions
to connect. It creates the opportunity to share our technical
expertise and discuss modern central banking practices," the
representative said.


The Slovak central bank also praised Uzbekistan's efforts to
modernize its financial sector and align its regulatory framework
with international standards.


"Uzbekistan has taken clear steps toward financial sector
reform, and we respect their drive to align with international
regulatory standards," the representative noted.


Central Bank of Uzbekistan signed a memorandum of cooperation
with the National Bank of Slovakia to facilitate exchanges of
expertise on central banking operations, financial stability,
monetary policy, and banking supervision. Slovak officials noted
that Uzbekistan has made significant progress in modernizing its
financial sector and aligning its regulatory framework with
international standards.


Together, rising mortgage issuance and expanding cooperation
with international financial institutions underscore the country's
efforts to build a more resilient, market-oriented banking system
capable of supporting long-term economic growth and increasing
access to financial services.