Amendments and Additions to the Law of the Republic of Uzbekistan 'On Currency Regulation'

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25.07.2026

18.04.2025 01

12.03.2022

21.04.2021

23.01.2021

23.10.2019

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[
OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.01.00 General Rules]
[
TSZ:
1.
Finance / Monetary System. Accounting;
2.
Finance / Currency Regulation. Precious Metals (Stones)] Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element On Amendments and Additions to the Law of the Republic of Uzbekistan "On Currency Regulation" Send suggestions for the document Listen to audio Get reference from document element Adopted by the Legislative Chamber on July 22, 2019 Approved by the Senate on October 11, 2019 Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element
Article 1.
Amendments and additions are made to the Law of the Republic of Uzbekistan No. 841-XII "On Currency Regulation" adopted on May 7, 1993 (in the edition of the Law of the Republic of Uzbekistan No. 556-II adopted on December 11, 2003) (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2004, No. 1-2, Article 6; Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2009, No. 9, Article 330; 2014, No. 9, Article 244; 2015, No. 12, Article 452; 2018, No. 7, Article 431; 2019, No. 1, Article 5), and its new edition is approved (attached). Send suggestions for the document Listen to audio Get reference from document element
Article 2.
The Central Bank of the Republic of Uzbekistan and other interested organizations shall ensure the execution of this Law, its delivery to executors, and its explanation to the population regarding its essence and significance. Send suggestions for the document Listen to audio Get reference from document element
Article 3.
The Cabinet of Ministers of the Republic of Uzbekistan:
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Get reference from document element shall align government decrees with this Law; Send suggestions for the document Listen to audio Get reference from document element shall ensure that state management bodies review and annul their normative legal acts that contradict this Law. Send suggestions for the document Listen to audio Get reference from document element
Article 4.
This Law enters into force from the day of its official publication.
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President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get reference from document element Tashkent city, Send suggestions for the document Listen to audio Get reference from document element October 22, 2019, Send suggestions for the document Listen to audio Get reference from document element No. URQ-573 Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element On Currency Regulation Send suggestions for the document Listen to audio Get reference from document element (new edition) Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element
Chapter 1. General Provisions
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Article 1. Purpose of this Law
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OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (see also 07.27.00.00);
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.01.00 General Rules]
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The purpose of this Law is to regulate relations in the field of carrying out currency operations and currency control.
See previous edition.
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Article 2. Legislation on Currency Regulation
[
OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (see also 07.27.00.00)]
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Legislation on Currency Regulation consists of this Law and other legislative acts.
See previous edition.
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Relations concerning currency in territories where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established in this Law. (Paragraph 2 of Article 2 was supplemented on the basis of the Law of the Republic of Uzbekistan No. URQ-1158 dated July 13, 2026 — National Database of Legislative Information, July 14, 2026, No. 03/26/1158/0727. Entry into force date — July 25, 2026) [ OKOS:
1.
19.00.00.00 International Relations. International Law / 19.06.00.00 Law of International Treaties / 19.06.03.00 Application and Interpretation of Treaties]
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If the international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation of the Republic of Uzbekistan on currency regulation, the rules of the international treaty shall apply. (Article 2 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/00375) LexUZ Commentary See: Law of the Republic of Uzbekistan "On International Treaties of the Republic of Uzbekistan". Send suggestions for the document Listen to audio Get reference from document element
Article 3. Scope of Application of this Law
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This Law regulates relations related to ensuring the implementation of the unified state policy of the Republic of Uzbekistan on currency.
LexUZ Commentary
See: Decree of the President of the Republic of Uzbekistan No. PF-5177 dated September 2, 2017 "On the First Measures to Liberalize Currency Policy". Send suggestions for the document Listen to audio Get reference from document element
Article 4. Basic Concepts
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The following basic concepts are used in this Law:
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OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.06.00 Purchase and Sale of Foreign Currency. Conversion. Currency Exchange Offices]
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Get reference from document element currency rate — the rate of foreign currency in relation to the currency of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get reference from document element [ OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.09.00 Currency Control]
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Get reference from document element currency control — activity aimed at ensuring compliance by residents and non-residents with the requirements of legislation on currency regulation by currency control authorities; (Paragraph 3 of Article 4 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/00375) [ OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (see also 07.27.00.00)]
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Get reference from document element currency operations — operations related to the transfer of property rights and other rights to currency securities, the use of currency securities as a means of payment, the import, export, and transfer of currency securities into the Republic of Uzbekistan, as well as their export, dispatch, and transfer from the Republic of Uzbekistan, and operations in the currency of the Republic of Uzbekistan between residents and non-residents; LexUZ Commentary See: Rules for carrying out currency operations in the Republic of Uzbekistan, approved by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 18/5 dated August 29, 2020 (registry number 3281, August 31, 2020). [ OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.13.00 Other Issues of Currency Regulation]
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Get reference from document element currency regulation — activity of the currency regulation authority regarding establishing the procedure for the circulation of currency securities, rules for owning, using, and disposing of them; [ OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.02.00 Currency Wealth / 07.27.02.02 Securities in Foreign Currency]
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Get reference from document element currency securities — foreign currency, securities and payment documents denominated in foreign currency, securities issued by non-residents without a nominal value, and fine gold; [ OKOS:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.02.00 Currency Wealth / 07.27.02.01 Foreign Currency]
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Get reference from document element foreign currency — currency signs that are legal means of payment in cash on the territory of a foreign state (group of foreign states), as well as currency signs being withdrawn from circulation or withdrawn from circulation but required to be exchanged, funds held in bank accounts and deposits in the monetary units of foreign states (groups of foreign states) and in international monetary units or accounting units; Send suggestions for the document Listen to audio Get reference from document element derivative financial instruments related to foreign currency (currency derivatives) — contracts for the purchase and sale of foreign currency, under which obligations are performed after a certain period or depending on the amount of foreign currency or changes in its exchange rate; Send suggestions for the document Listen to audio Get reference from document element currency of the Republic of Uzbekistan (national currency) — the monetary unit of the Republic of Uzbekistan (sum). Send suggestions for the document Listen to audio Get reference from document element
Article 5. Basic Principles of this Law
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The basic principles of this Law consist of the following:
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Get reference from document element the unity of the system of currency regulation and currency control; Send suggestions for the document Listen to audio Get reference from document element the predominance of economic measures in implementing state policy in the field of currency regulation and currency control; Send suggestions for the document Listen to audio Get reference from document element the prohibition of unlawful interference by state bodies into currency operations of residents and non-residents. Send suggestions for the document Listen to audio Get reference from document element
Article 6. Residents and Non-Residents of the Republic of Uzbekistan
See previous edition.
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Citizens of the Republic of Uzbekistan, including citizens of the Republic of Uzbekistan residing abroad, foreign citizens holding residence permits in the Republic of Uzbekistan, stateless persons holding residence permits in the Republic of Uzbekistan, all legal entities established in accordance with the legislation of the Republic of Uzbekistan, as well as their branches and representative offices located in and outside the Republic of Uzbekistan, diplomatic, trade, and other official missions of the Republic of Uzbekistan, including diplomatic, trade, and other official missions located outside the Republic of Uzbekistan, and international organizations whose headquarters are located in the Republic of Uzbekistan are residents of the Republic of Uzbekistan (hereinafter referred to as residents in the text). (The first paragraph of Article 6 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/00375)

03/21/6
83
/00
375
-number)
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According to the first part of this article, persons who do not fall within the concept of a resident are non-residents of the Republic of Uzbekistan (hereinafter referred to as non-residents in the text). Send suggestions for the document Listen to audio Get reference from document element
Chapter 2. Currency Regulation
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Article 7. State body regulating currency
[OKON:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.01.00 General Rules]
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The Central Bank of the Republic of Uzbekistan is the state body regulating currency (hereinafter referred to as the Central Bank in the text). [OKON:
1.
01.00.00.00 Constitutional Order / 01.14.00.00 Law-making activity of state bodies / 01.14.03.00 Procedure for preparing and reviewing draft normative legal acts;
2.
02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General issues of state administration in the field of economy, social and cultural construction / 02.08.07.00 Accounting. Reporting. Statistics (also see 07.29.00.00);
3.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions;
4.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (also see 07.27.00.00);
5.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.09.00 Currency Control;
6.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.10.00 Reporting on Currency Operations;
7.
09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.02.00 State regulation of exchange activity. Licensing of exchange activity]
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Within its competence, the Central Bank:
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Get reference from document element adopts normative legal documents mandatory for implementation by non-residents on the territory of the Republic of Uzbekistan, as well as by residents on the territory of the Republic of Uzbekistan and outside it; Send suggestions for the document Listen to audio Get reference from document element establishes rules for carrying out currency operations; Send suggestions for the document Listen to audio Get reference from document element licenses and regulates the activities of currency exchanges; LexUZ commentary See: "Regulation on the procedure for licensing the activity of currency exchanges" (registration number 2788, dated 18.05.2016). Send suggestions for the document Listen to audio Get reference from document element determines limits for the open currency position of banks; LexUZ commentary For detailed information, refer to Resolution No. 8/1-1 of the Board of Directors of the Central Bank of the Republic of Uzbekistan dated April 30, 2005 "On Approval of Rules for Maintaining an Open Currency Position" (registration number 3301). Send suggestions for the document Listen to audio Get reference from document element prepares and publishes statistics on currency operations and the external sector in accordance with generally accepted international practice; Send suggestions for the document Listen to audio Get reference from document element determines the procedure for monitoring currency operations carried out by residents and non-residents, including jointly with bodies exercising currency control; Send suggestions for the document Listen to audio Get reference from document element determines forms for accounting and reporting on currency operations for banks of the Republic of Uzbekistan, as well as the procedure and deadlines for their submission; Send suggestions for the document Listen to audio Get reference from document element determines forms for accounting and reporting on currency operations that are mandatory for submission by all residents and non-residents for the purpose of compiling external sector statistics; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element organizes and exercises control over the compliance of banks of the Republic of Uzbekistan with legislation on currency regulation. (The tenth paragraph of the second part of Article 7 was amended by the Law of the Republic of Uzbekistan No. UZP-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/00375) Send suggestions for the document Listen to audio Get reference from document element The Central Bank has the right to carry out all types of currency operations within and outside the Republic of Uzbekistan. LexUZ commentary See: Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan". Send suggestions for the
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Article 8. Exchange Rate
[OKON:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.02.00 Currency Resources / 07.27.02.01 Foreign Currency;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.04.00 Settlements and Payments in Foreign Currency;
3.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.06.00 Purchase and Sale of Foreign Currency. Conversion. Currency Exchange Offices;
4.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.10.00 Reporting on Currency Operations]
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In the Republic of Uzbekistan, the exchange rate for operations on the purchase and sale of foreign currency is determined on a contractual basis based on demand and supply for foreign currency. Send suggestions for the document Listen to audio Get reference from document element Only market mechanisms are used to determine the exchange rate of the currency of the Republic of Uzbekistan relative to foreign currencies. Send suggestions for the document Listen to audio Get reference from document element When establishing the procedure for the purchase and sale of foreign currency, the Central Bank provides for the creation of conditions for determining the exchange rate based on demand and supply for foreign currency. Send suggestions for the document Listen to audio Get reference from document element The Central Bank regularly establishes the exchange rate for the purposes of accounting, statistical reporting, and other reports on currency operations, as well as for calculating customs and other mandatory payments within the territory of the Republic of Uzbekistan. LexUZ commentary See: Standard of Budget Accounting of the Republic of Uzbekistan No. 4 "Impact of Changes in Exchange Rates", approved by Order No. 142 of the Minister of Finance of the Republic of Uzbekistan dated November 13, 2018 (registration number 3100, dated 14.12.2018). Send suggestions for the document Listen to audio Get reference from document element
Article 9. Settlements and Payments within the Territory of the Republic of Uzbekistan
[OKON:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.04.00 Non-cash Settlements]
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All settlements and payments for goods (works, services) within the territory of the Republic of Uzbekistan are made in the currency of the Republic of Uzbekistan, except for cases provided for in this Law. Send suggestions for the document Listen to audio Get reference from document element Tariffs and prices for goods (works, services) within the territory of the Republic of Uzbekistan, including such tariffs and prices on national electronic trading platforms, as well as requirements regarding the size of authorized funds (capital) of legal entities, are established only in the currency of the Republic of Uzbekistan. See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Linking the prices of goods (works, services) sold within the territory of the Republic of Uzbekistan to foreign currencies and conditional units is not permitted. In specific cases, linking the prices of goods (works, services) sold within the territory of the Republic of Uzbekistan to foreign currencies and conditional units is permitted on the basis of decisions of the President of the Republic of Uzbekistan for projects implemented with the participation of foreign investments attracted under public-private partnership agreements and investment contracts with the Government of the Republic of Uzbekistan. (The third part of Article 9 was amended by the Law of the Republic of Uzbekistan No. UZP-669 dated January 22, 2021 — National Database of Legislative Acts, 23.01.2021, No. 03/21/669/0060) Send suggestions for the document Listen to audio Get reference from document element State duties, fees, and other mandatory payments are collected only in the currency of the Republic of Uzbekistan, except for consular fees. LexUZ commentary See: Article 14 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan". Send suggestions for the document Listen to audio Get reference from document element
Article 10. Currency Securities of Residents and Their Use
[OKON:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (also see 07.27.00.00);
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.02.00 Currency Resources / 07.27.02.01 Foreign Currency;
3.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.08.00 Import and Export of Currency and Currency Resources]
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Resident individuals have the right, for the purpose of carrying out currency operations:
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Get reference from document element to own and freely use currency securities brought into, transferred to, or sent to the Republic of Uzbekistan, or obtained or purchased in the Republic of Uzbekistan, which are their property; Send suggestions for the document Listen to audio Get reference from document element to carry out non-commercial international money transfers; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element to import, transfer, and send currency securities into the Republic of Uzbekistan, as well as to export, transfer, and send them from the Republic of Uzbekistan, in the manner established by legislation. (The fourth paragraph of the first part of Article 10 was amended by the Law of the Republic of Uzbekistan No. UZP-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/00375) Send suggestions for the document Listen to audio Get reference from document element Resident legal entities have the right, for the purpose of carrying out currency operations:
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Get reference from document element to own currency securities that are their property; See previous edition.
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Get reference from document element to transfer foreign currency into the Republic of Uzbekistan, as well as to transfer it from the Republic of Uzbekistan, in the manner established by legislation. (The third paragraph of the second part of Article 10 was amended by the Law of the Republic of Uzbekistan No. UZP-683 dated April 21, 2021 — National Database of Legislative Acts, 21.04.2021, No. 03/21/683/00375) LexUZ commentary See: Rules for the Import and Export of Cash Currency and Cash Foreign Currency through the Customs Border of the Republic of Uzbekistan by Individuals, approved by Resolution No. 66 of the Cabinet of Ministers dated January 30, 2018; Rules for Carrying Out Currency Operations in the Republic of Uzbekistan, approved by Resolution No. 18/5-1 of the Board of Directors of the Central Bank of the Republic of Uzbekistan dated August 29, 2020 (registration number 3281, dated 31.08.2020). Send suggestions for the document Listen to audio Get reference from document element
Article 11. Repatriation of Assets for Foreign Trade Operations
[OKON:
1.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.03 Retention;
2.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.07 Features of Settlement for Certain Types of Goods, Works, and Services;
3.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.04 Other Issues Related to Insurance]
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Repatriation of assets for foreign trade operations is the full or partial fulfillment of obligations of non-residents through:
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Get reference from document element receipt of funds or goods (performance of works, provision of services) for the obligations of the non-resident; Send suggestions for the document Listen to audio Get reference from document element offsetting the obligation of the non-resident by mutual claims of different types; Send suggestions for the document Listen to audio Get reference from document element extinguishing the existing initial obligation between the parties to the non-resident by replacing it with another obligation involving a different subject matter or method of performance between the same persons; Send suggestions for the document Listen to audio Get reference from document element receiving insurance payments. Send suggestions for the document Listen to audio Get reference from document element If a resident waives its right to claim against a non-resident in favor of another resident, the corresponding obligation to ensure the fulfillment of the requirement regarding repatriation passes to the resident who accepted the right to claim. Send suggestions for the document Listen to audio Get reference from document element A resident (non-resident) must ensure the repatriation of assets for foreign trade operations. Send suggestions for the document Listen to audio Get reference from document element If the deadline for repatriation of assets for foreign trade operations exceeds 180 days from the date the obligations of the non-resident arose, such operation is evaluated as a capital movement operation. See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element The procedure for carrying out control and monitoring of the execution of foreign trade operations is established by the Cabinet of Ministers of the Republic of Uzbekistan. (Article 11 was supplemented by the fifth part based on the Law of the Republic of Uzbekistan No. UZP-758 dated March 11, 2022 — National Database of Legislative Acts, 12.03.2022, No. 03/22/758/0207) LexUZ commentary See: Regulation on the Procedure for Monitoring and Controlling the Execution of Foreign Trade Operations, approved by Resolution No. 283 of the Cabinet of Ministers dated May 14, 2020. See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element 11-1. Liability for Failure to Ensure Repatriation of Assets for Foreign Trade Operations [OKON:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.01.00 General Rules;
2.
10.00.00.00 External Economic Activity. Customs Affairs / 10.01.00.00 General Rules in the Field of External Economic Activity / 10.01.04.00 Export and Import / 10.01.04.01 Export]
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Residents who fail to ensure the repatriation of assets for foreign trade operations within forty-five days (ninety days for small business entities) after one hundred eighty days have passed since the date of payment to the non-resident or export shall pay fines to the revenue of the republican budget:
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Get reference from document element if the repatriation of assets is delayed up to three hundred sixty-five days from the date of payment to the non-resident or export — in an amount equal to 5 percent of the sum of unrepatriated assets; Send suggestions for the document Listen to audio Get reference from document element if the repatriation of assets is delayed from three hundred sixty-five days to five hundred forty-five days from the date of payment to the non-resident or export — additionally in an amount equal to 10 percent of the sum of unrepatriated assets; Send suggestions for the document Listen to audio Get reference from document element if the repatriation of assets is delayed for more than five hundred forty-five days from the date of payment to the non-resident or export — additionally in an amount equal to 35 percent of the sum of unrepatriated assets. Send suggestions for the document Listen to audio Get reference from document element In the event of force majeure, the deadline for repatriation of assets is extended by the duration of the impact of force majeure. The occurrence of circumstances constituting force majeure is certified by a competent authority of the state where the event occurred, in accordance with the legislation of that state. Send suggestions for the document Listen to audio Get reference from document element When insurance compensation under an insurance policy for an export contract arrives at the accounts of residents (in national and/or foreign currencies), for the purpose of applying fines, the amount of debtor debt under such export contract is reduced by the amount of received insurance compensation. Send suggestions for the document Listen to audio Get reference from document element Fines for failure to ensure the repatriation of assets for foreign trade operations are not applied in the following cases:
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Get reference from document element during the delivery period for import contracts where the delivery deadlines for equipment and/or spare parts are established at more than one hundred eighty days due to their technical specifications and specific characteristics; Send suggestions for the document Listen to audio Get reference from document element upon submission of a document issued by a competent authority confirming that goods were destroyed or confiscated by state authorities due to reasons beyond the control of the parties during transportation or storage; Send suggestions for the document Listen to audio Get reference from document element if the deadlines established in import contracts concluded within the framework of projects implemented in accordance with decisions of the President and the Cabinet of Ministers of the Republic of Uzbekistan, or in import contracts approved by the management committee within the framework of implementing product sharing agreements, are not violated; Send suggestions for the document Listen to audio Get reference from document element if the total amount of overdue debtor debt for export operations does not exceed 10 percent of the currency receipts secured during the thirty-six months preceding the date the overdue debtor debt arose; Send suggestions for the document Listen to audio Get reference from document element until a final decision is issued by the court on the case regarding the application of a fine, with respect to the sum of repatriated assets in accordance with the requirements of this Law. Send suggestions for the document Listen to audio Get reference from document element If the fine is paid voluntarily within ten days within the ninety-day period, the paid fine amount is refunded to the resident proportionally to the sum of assets repatriated for foreign trade operations. Send suggestions for the document Listen to audio Get reference from document element If assets for foreign trade operations are fully repatriated within ninety days from the moment the court document enters into legal force, the paid fine is refunded, the case on the application of a fine is terminated, and all measures taken for compulsory collection are canceled. Send suggestions for the document Listen to audio Get reference from document element Collection of fines exceeding 20 percent of the sum of current assets of a legal entity that is a resident of the Republic of Uzbekistan at the last reporting date is carried out with the opportunity to make installment payments monthly within six months from the date of adoption of the decision on collection of the amount to be collected. (Article 11-1 was introduced based on the Law of the Republic of Uzbekistan No. UZP-758 dated March 11, 2022 — National Database of Legislative Acts, 12.03.2022, No. 03/22/758/0207) Send suggestions for the document Listen to audio Get reference from document element
Article 12. Accounts of Residents
[OKON:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.05.00 Bank Deposits and Other Deposit Operations;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.07.00 Currency Accounts;
3.
19.00.00.00 International Relations. International Law / 19.06.00.00 Treaty Law / 19.06.03.00 Application and Interpretation of Treaties;
4.
19.00.00.00 International Relations. International Law / 19.07.00.00 Diplomatic and Consular Law / 19.07.04.00 Diplomatic and Other Missions]
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Residents have the right to open accounts in foreign currency in banks of the Republic of Uzbekistan.
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Resident individuals have the right to open accounts and deposits in foreign currency in banks of the Republic of Uzbekistan and outside the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get reference from document element

Residents are permitted to open and use bank accounts outside the territory of the Republic of Uzbekistan, provided that decisions of the President or the Government of the Republic of Uzbekistan envisage opening and using bank accounts in the currency of the Republic of Uzbekistan or in foreign currency, or if there are such international treaties of the Republic of Uzbekistan.

Residents who have opened bank accounts outside the territory of the Republic of Uzbekistan must notify the tax authorities at the place of registration and the Central Bank of the opening (closing) of accounts, changes in account details, as well as balances and turnovers in these accounts, in the manner established by the Central Bank, every quarter, no later than one month after the end of the reporting quarter.

The diplomatic and other missions of the Republic of Uzbekistan, as well as the missions of organizations of the Republic of Uzbekistan outside the territory of the Republic of Uzbekistan that do not carry out economic or other commercial activities, are permitted to open and use bank accounts outside the territory of the Republic of Uzbekistan during their stay and activity abroad. Upon the completion of their stay or activity abroad, the accounts must be closed, and the balances of funds in the accounts must be transferred to the Republic of Uzbekistan.

Residents have the right to transfer foreign currency without restrictions from their own accounts in banks of the Republic of Uzbekistan or in banks outside the Republic of Uzbekistan to their own accounts in banks of the Republic of Uzbekistan.

Article 13. Accounts of Non-Residents

Non-residents have the right to open and use bank accounts in foreign currency and in the currency of the Republic of Uzbekistan in banks of the Republic of Uzbekistan.

Carrying out activities within the territory of the Republic of Uzbekistan is a mandatory requirement for non-resident legal entities to open and use bank accounts in the Republic of Uzbekistan.

Chapter 3. Currency Operations

Article 14. Types of Currency Operations

Currency operations are divided into internal and international (cross-border) operations.

Internal currency operations are operations carried out within the territory of the Republic of Uzbekistan.

International (cross-border) currency operations are divided into current international operations and capital movement (capital transfers) operations.

Article 15. Current International Operations

Current international operations include:

all payments to be made in connection with foreign trade, other current activities, including the provision of services (performance of works);
payments to be made in the form of interest and other income, including interest and other income on bank deposits, loans, leasing, as well as in the form of net income from other investments;
payment of an amount not exceeding twice the size of the part of the debt calculated as the ratio of the received debt to the number of payment periods specified in the contract during the debt repayment period;
non-trade money transfers.

Non-trade money transfers include:

money transfers between individuals in amounts up to the equivalent of one hundred million soums;
payment for goods (services, works) for personal needs;
payment of wages, scholarships, pensions, alimony;
payment of expenses related to sending employees on business trips outside the Republic of Uzbekistan;
payment for education, treatment, and tourism;
payment for the maintenance of diplomatic and other missions of the Republic of Uzbekistan in foreign countries, as well as permanent missions of the Republic of Uzbekistan at interstate or intergovernmental organizations;
payments related to notarial and investigative actions, as well as state duties for consideration of cases in courts;
payment of funds based on decisions of courts, arbitration, as well as investigative bodies and other law enforcement agencies;
payments for participation in international congresses, symposiums, conferences, sports events, and cultural events, as well as other international meetings, exhibitions, and fairs, excluding investment and material costs;
payments related to the burial of the deceased;
payment of royalties, patent fees, and payments under the obligations of license agreements in the field of intellectual property;
membership fees to international non-profit organizations.

Current international operations, as well as the purchase or sale of foreign currency by residents and non-residents related to them, are carried out without restrictions.

Article 16. Capital Movement Operations

Capital movement operations include all international (cross-border) currency operations that are not current international operations, including:

carrying out investment activities, including the replenishment of own branches located outside the territory of the Republic of Uzbekistan with working capital by residents;
obtaining and granting loans (debts), carrying out leasing operations;
purchase and sale of real estate;
attracting funds from foreign countries and placing them in accounts and deposits in foreign countries;
full acquisition or sale of absolute rights to objects of intellectual property.

The exercise of rights obtained in connection with the direct attraction of foreign investment into the Republic of Uzbekistan and their repatriation, as well as the direct implementation of foreign investments, is carried out without restrictions.

Capital movement operations for the acquisition and construction of real estate objects outside the Republic of Uzbekistan for the needs of diplomatic and other missions of the Republic of Uzbekistan are carried out in accordance with the decision of the Cabinet of Ministers of the Republic of Uzbekistan.

The procedure for the circulation of securities in foreign currency on the territory of the Republic of Uzbekistan, the purchase of securities in foreign currency by residents, as well as the purchase of securities issued by residents by non-residents is determined by the authorized state body for regulating the securities market together with the Central Bank.

Article 17. Currency Operations Between Residents

Currency operations between residents are permitted when:

operations related to settlements in duty-free shops, as well as settlements in connection with the sale of goods to passengers and the provision of services on transport vehicles during international transportation;
services provided by intermediaries (agents) in concluding and performing contracts with non-residents for the delivery of goods, performance of works, provision of services, and transfer of results of intellectual activity and absolute rights to them, including operations between intermediaries (agents) and principals (consignors), including operations related to the return of monetary sums (other property) to principals (consignors);
operations envisaging the settlement and transfer of funds in foreign currency arriving from abroad to the account of forwarding companies for the realization of transport and forwarding services based on concluded contracts;
operations related to the payment and reimbursement of expenses of individuals associated with business trips outside the Republic of Uzbekistan, as well as operations related to the return of unused advances issued for business trips;
operations envisaging the settlement and transfer of payments to diplomatic missions, consular institutions of the Republic of Uzbekistan, as well as permanent missions of the Republic of Uzbekistan at interstate or intergovernmental organizations;
transfers by a resident individual to the accounts of other resident individuals opened in banks of the Republic of Uzbekistan from accounts opened in banks of the Republic of Uzbekistan for non-trade operations;
operations related to settlements under contracts for the carriage of passengers between transport organizations and individuals, as well as branches, missions, and other subdivisions of legal entities located outside the territory of the Republic of Uzbekistan;
operations between intermediaries (agents) and principals (consignors) in the provision of services in concluding and performing contracts that must be performed by intermediaries (agents) as a result of clearing of obligations, if the final buyer or seller is a non-resident;
operations related to the use of currency securities as security for the performance of obligations, as well as their collection;
operations related to the contribution and return of currency securities to the charter fund (charter capital) of legal entities;
operations related to the provision of banking services;
financing operations by credit institutions by waiving payment in favor of another person from a payment order, provided that the counterparty of the client (creditor) is a non-resident;
operations related to charitable activities;
operations related to the receipt of currency securities by right of inheritance.

Currency operations between residents not envisaged in the first part of this Article are prohibited.

Article 18. Currency Operations Between Non-Residents

Non-residents have the right to carry out transfers related to current international operations between bank accounts in banks outside the territory of the Republic of Uzbekistan and bank accounts in banks of the Republic of Uzbekistan, or between bank accounts in banks of the Republic of Uzbekistan and bank accounts in banks outside the territory of the Republic of Uzbekistan.

Non-resident individuals may carry out non-trade transfers from their accounts opened in banks of the Republic of Uzbekistan to the accounts of other non-resident individuals opened in banks of the Republic of Uzbekistan.

Non-residents may carry out currency operations related to securities between their accounts in banks of the Republic of Uzbekistan, taking into account the requirements established by the legislation of the Republic of Uzbekistan on the securities market.

Article 19. Purchase and Sale of Foreign Currency on the Territory of the Republic of Uzbekistan

The purchase and sale of foreign currency by residents and non-residents on the territory of the Republic of Uzbekistan is carried out only through banks of the Republic of Uzbekistan.

The purchase and sale of foreign currency in the interbank currency market in the Republic of Uzbekistan is carried out only by banks of the Republic of Uzbekistan and the Central Bank.

Article 20. Rights and Obligations of Banks of the Republic of Uzbekistan in Carrying Out Currency Operations

Banks of the Republic of Uzbekistan have the right to have representative and other accounts in banks of the Republic of Uzbekistan and in foreign banks, and to carry out operations for the sale and purchase of foreign currency, including currency derivatives, directly between themselves, with their clients, as well as through the currency exchange and in international markets.

Banks of the Republic of Uzbekistan must carry out currency operations if the relevant documents required by the banks for the performance of currency operations are submitted by residents and non-residents.

Article 21. Restrictions on the Conduct of Currency Operations

The Central Bank may impose restrictions on the conduct of currency operations:

for the purpose of combating the legalization of income obtained from criminal activities, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction;
in cases where there is a threat to the stability of the balance of payments, in compliance with obligations under the Articles of Agreement of the International Monetary Fund.

In the event of a threat to economic security, the Cabinet of Ministers of the Republic of Uzbekistan may impose restrictions on the conduct of currency operations in agreement with the Central Bank.

The validity period of restrictions may not exceed one year from the moment they are introduced. After the specified period has expired, restrictions are considered abolished. Restrictions may be fully or partially abolished before the expiration of their validity period.

LexUZ commentary
See: Article 12 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan".