First CUs Form In Uzbekistan

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The first credit unions in this former Soviet state have held their first founding meetings.

The meetings come on the heels of passage of credit union-specific legislation earlier this year. The first credit union to meet was Umid Credit Union (Umid means "hope") in the Bukhara region, where officers were elected and an an accumulative account for members' share capital was opened.

Also meeting was the Sherdor Credit Union (Sherdor is a traditional term meaning "power"). Upon completion of their respective business plans and final review by the Central Bank of Uzbekistan, Umid and Sherdor are slated to become the first licensed credit unions in the country's history.

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