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

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 25.03.2021, registration number 3281-1

Date of Entry into Force

25.03.2021

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OKOZ:
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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 Regulation and Control of Currency / 07.27.03.00 Currency Operations (Transactions) / 07.27.03.02 Currency Operations Related to Capital Movement]
[
TSZ:
1.
Finance / Monetary System. Calculations]

Resolution

of the Board of the Central Bank of the Republic of Uzbekistan

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

[Registered by the Ministry of Justice of the Republic of Uzbekistan on March 25, 2021, registration number 3281-1]

In accordance with the Law of the Republic of Uzbekistan "On Regulation of Currency" and the Decree of the President of the Republic of Uzbekistan dated August 24, 2020, No. PF-6044 "On Measures for Fundamental Improvement of Licensing and Permitting Procedures," the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions to the Rules for Conducting Currency Operations in the Republic of Uzbekistan, approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 29, 2020, No. 18/5 (registration number 3281, August 31, 2020) (National Database of Legislative Acts, August 31, 2020, No. 10/20/3281/1242-1), shall be made in accordance with the Appendix.

2. This Resolution enters into force from the date of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

February 25, 2021,

No. 3/4

APPENDIX

to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated February 25, 2021, No. 3/4

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

1. In clause 27:
   in the first paragraph, replace the word "two" with the word "next"; the second paragraph shall be stated in the following wording:

"If settlements are not completed within the specified time, the agreement is considered cancelled."

2. The third paragraph of clause 29
   shall be stated in the following wording:

"The resale of foreign currency is carried out without acceptance at the market rate formed based on demand and supply on the day of sale."

3. Clause 47
   shall be stated in the following wording:

"47. The importation of cash currency funds into the territory of the Republic of Uzbekistan by commercial banks is carried out in the manner of notifying the Central Bank of the Republic of Uzbekistan.

Notifications regarding the importation of cash currency funds into the territory of the Republic of Uzbekistan must be submitted to the Central Bank by commercial banks within a period of three days."

4. Clause 47-1
   shall be added with the following content:

"47-1. The exportation of cash currency funds from the territory of the Republic of Uzbekistan by commercial banks is carried out on the basis of permission from the Central Bank."

5. Clause 48
   shall be stated in the following wording:

"48. To obtain permission from the Central Bank, commercial banks submit an application to the Central Bank indicating the type of currency intended for export from the Republic of Uzbekistan, its amount, the country to which the currency funds are being exported, the name of the foreign bank, and the purposes for exporting the cash currency funds."

6. Clause 49
   shall be stated in the following wording:

"49. Applications from commercial banks for the export of cash currency funds are reviewed by the Central Bank within a period not exceeding three banking days. Based on the review results, permission is granted to commercial banks to export cash currency funds from the Republic of Uzbekistan.

Refusal to grant permission to commercial banks to export cash currency funds from the Republic of Uzbekistan is carried out only if the application of the commercial banks does not comply with the requirements established in clause 48 of these Rules."

(National Database of Legislative Acts, March 26, 2021, No. 10/21/3281-1/0237-1)