Financial Inclusion, Regulation, and Literacy in Uzbekistan

Table 11: Borrowing Behavior in Uzbekistan 
 
Uzbekistan 
Europe and Central Asia 
 
2011 
2014 
2017 
2011 
2014 
2017 
Borrowed
From a financial institution 
Female
1.2 
0.7 
1.0 
9.0 
13.1 
13.5 
Male
1.7 
1.9 
3.3 
11.1 
16.4 
17.4 
From family or friends 
Female
10.4 
10.5 
12.1 
17.7 
16.7 
18.1 
Male
13.0 
11.7 
13.8 
18.4 
18.0 
18.5 
Source: Findex database; note that all the numbers are percentages of people aged 15+ of the respective category 
unless otherwise indicated.
In Uzbekistan, unlike ECA countries, the proportion of respondents who declared that 
they saved using a formal financial institution is small (see Table 12). The Findex 
survey results show that the proportion of households that save using informal saving 
clubs or persons outside the households is high relative to ECA economies. This in line 
with the CER (2013), which declared that only 5% of the aggregated savings of 
households are kept in bank deposits. The CER explained that this limits banks’ 
resource base, which then explains the low supply of loans. The CER (2013) claimed 
that the low levels of saving are partly due to the low supply of attractive saving 
products at the banks; as a result, people either save informally or invest in real estate. 
Additionally, Hiwatari (2010) and Kandiyoti (1998) reported that informal rotating 
savings and credit associations (RSCAs) among relatives, people in common 
neighborhoods, or the professional community are popular in Uzbekistan.
Table 12: Saving Behavior in Uzbekistan 
Uzbekistan 
Europe and Central Asia