Decision of the Management of the Central Bank of the Republic of Uzbekistan, registered on 22.04.2026, registration number 3281-5

Effective date

23.04.2026

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OKOZ:

1.07.00.00.00 Finance and credit legislation. 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 Finance and credit legislation. Banking activity / 07.27.00.00 Regulation and control of currency / 07.27.03.00 Currency operations (contracts) / 07.27.03.02 Currency operations related to the movement of capital;
3.21.00.00.00 Complex documents for amendments and additions / 21.04.00.00 Administrative normative‑legal documents

TSZ:

Finance / Currency regulation. Precious metals (stones)

DECISION

On Amendments and Additions to the Rules for Carrying Out Currency Operations in the Republic of Uzbekistan

[Registered by the Ministry of Justice of the Republic of Uzbekistan on 22 April 2026, registration number 3281-5]

In accordance with the Law of the Republic of Uzbekistan “On the Central Bank of the Republic of Uzbekistan” and the Law “On Currency Regulation”, as well as the President’s Decree No. PF‑254 dated 18 December 2025 “On Additional Measures to Improve the Investment Environment in the Capital Market”, the Management of the Central Bank of the Republic of Uzbekistan decides:

The rules for carrying out currency operations in the Republic of Uzbekistan approved by the Management’s decision No. 18/5 dated 29 August 2020 (registration number 3281, 31 August 2020) (National Database of Legal Acts, 31.08.2020, 10/20/3281/1242) shall be amended and supplemented in accordance with the annex to those rules.
This decision shall enter into force on the day it is officially published.

Rais T. ISHMETOV
Tashkent, 30 March 2026, No 10/9

Appendix

Amendments and Additions to the Rules for Carrying Out Currency Operations in the Republic of Uzbekistan

In paragraph three of Article 1, the words “commercial banks” shall be replaced with the word “banks”.
Paragraph six of Article 2 shall be stated as follows:

“non‑commercial cash transfers by a natural person from accounts opened in banks of the Republic of Uzbekistan to the accounts of other natural persons opened in banks of the Republic of Uzbekistan;”.
The words “commercial banks” in Articles [9] and [12], [2] and Chapters 3 [name], Article 191 paragraph 4, Article 32 paragraph 1, Chapter 7 [name], and Article 471 shall be replaced with the word “banks”.
Paragraph one of Article 10 shall be stated as follows:

“10. The Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank) and banks shall conduct foreign‑exchange swap and derivative operations directly between themselves, with their clients, and also through the currency exchange, based on the model terms and recommendations for agreement drafting of the International Swaps and Derivatives Association (ISDA) or on the internal rules of the exchange for trades on the currency exchange.”.
In the second paragraph of Article 14 and the first paragraph of Article 29, the words “commercial bank” shall be replaced with the word “bank”.
In Article 15:
- The words in the fifth paragraph “for operations;” shall be replaced with “may be used for operations.”;
- The sixth paragraph shall be deleted.
In Article 17:
- The eleventh paragraph shall be deleted;
- The twelfth paragraph shall be considered the eleventh paragraph;
- In the eleventh paragraph, the words “commercial banks” shall be replaced with “banks”.
In Article 18:
- The eighth paragraph shall be deleted;
- The ninth and tenth paragraphs shall be considered the eighth and ninth paragraphs respectively.
In Article 20:
- In the third and seventh paragraphs, the phrase “non‑commercial transfers” shall be replaced with “non‑commercial cash transfers”;
- In the eighth paragraph, the words “sale in the internal currency market” shall be replaced with “internal currency operations”.
In Article 21:
- In paragraphs three through five, the words “commercial banks” shall be replaced with “banks”;
- The article shall be supplemented with the following paragraph:
  
  “Information on banks’ operations of selling and buying foreign currency with each other and with their clients, including operations carried out through swaps and derivatives, shall be entered into the Central Bank’s ‘Currency Operations Accounting’ information system (FERUz) (hereinafter referred to as the system).”.
In Article 23, the eighth through tenth paragraphs shall be supplemented with the following content (the eighth‑tenth paragraphs shall be considered the eleventh‑thirteenth paragraphs respectively):

“In accordance with the President of the Republic of Uzbekistan’s Decree No. PF‑254 dated 18 December 2025 ‘On Additional Measures to Improve the Investment Environment in the Capital Market’:
- For economic entities to purchase the necessary amount of foreign currency for paying income on securities whose nominal value is expressed in foreign currency and for fulfilling obligations, based on a copy of the securities issuance document registered by the state authority responsible for regulating the securities market;
- For a foreign investor to purchase the necessary amount of foreign currency for repatriation of foreign‑currency proceeds obtained from the sale of securities on the stock exchange, as well as dividends, interest (coupons), redemption of bonds or other income derived from securities, based on the relevant request of the foreign investor.”
In Article 24, the second paragraph shall be supplemented with the following content:

“If the order to purchase foreign currency is found not to have been formalised in accordance with Article 23 of these Rules, the client may make a technical correction to the order.” The second‑fourth paragraphs shall be considered the third‑fifth paragraphs respectively, and the words “and approved” shall be removed from the third paragraph.
In the first paragraphs of Articles 27 and 42, the words “commercial bank” shall be replaced with “bank”.
Article 33 shall be stated as follows:

33. Banks shall use the system when carrying out foreign‑exchange transactions with natural persons.

To use the system, banks shall provide information to the Central Bank’s relevant regional Main Department indicating the locations (postal addresses) of retail practice cash desks, bank service offices, relevant structural divisions of banks, and foreign‑exchange branches that carry out foreign‑exchange transactions.

The relevant regional Main Department of the Central Bank shall, within five banking working days, register the cash desks, bank service offices, relevant structural divisions of banks, and foreign‑exchange branches presented by banks and provide the necessary information to the Central Bank for entry into the system.

In this case, the information provided by the Central Bank’s regional Main Departments shall be entered into the system by the Central Bank within five banking working days.

When natural persons carry out foreign‑exchange transactions through automated bank branches (ATMs), the use of the system is not required.
In Article 34, the first paragraph of Article 45, and Article 48, the words “commercial banks” shall be replaced with the word “banks”.
In Article 35:
- In the first paragraph, the words “in commercial banks” shall be replaced with “in banks”;
- In the second paragraph, the words “commercial banks” shall be replaced with “banks”.
Article 39 shall be supplemented with the following paragraph:

“Banks shall not allow the re‑circulation of banknotes that have damage indicators specified in Articles 37 and 38 of these Rules.”
In Article 40, the words “commercial bank’s” shall be replaced with the word “bank’s”.
In Article 43:
- In the first paragraph, the words “commercial banks” shall be replaced with “banks”;
- In the second paragraph, the words “commercial bank” shall be replaced with “bank”.
In the title of Chapter 6, the words “acceptance of currency” shall be replaced with the words “conducting operations in currency”.
In Article 44, the words “commercial banks’” shall be replaced with the words “banks’”.
In Article 46, the fourth paragraph shall be supplemented with the following content:

“The cash foreign currency referred to in the sixth to eighth paragraphs of Article 45 may also be accepted by the bank on the basis of other documents confirming that the funds were obtained legally by a non‑resident natural person.” The fourth‑sixth paragraphs shall be considered the fifth‑seventh paragraphs respectively.
Article 461 shall be added with the following content:

461. Cash foreign currency may be provided through bank cash desks in the territory of the Republic of Uzbekistan in the following cases:
- to natural persons — without restrictions within the limits of their account balances;
- to legal entities — for the return of foreign‑currency amounts previously contributed by natural persons to their charter capital, and for operations related to sending employees on business trips abroad;
- to the representative offices, branches and permanent establishments of non‑resident entities — for operations related to sending employees on business trips abroad;
- to diplomatic missions of foreign states — for other purposes specified in an official letter presented to banks;
- to foreign citizens — for the refund of value‑added tax in cash, in accordance with the procedure established by legislation.
In Article 47:
- In the first paragraph, the words “Commercial banks” shall be replaced with “Banks”;
- In the second paragraph, the words “commercial banks” shall be replaced with “banks”.
In Article 49:
- In the first paragraph, the words “Commercial banks’” and “to commercial banks” shall be replaced respectively with “Banks’” and “to banks”;
- In the second paragraph, the words “to Commercial banks” and “of commercial banks” shall be replaced respectively with “to Banks” and “of banks”.

(Legal information database, 23.04.2026, No 10/26/3281-5/0408)