Amendments to the Regulation on Mandatory Reserves Deposited by Commercial Banks with the Central Bank of the Republic of Uzbekistan

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on August 30, 2018, Registration No. 3002-1

Date of Entry into Force

October 1, 2018

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

On Amendments to the Regulation on Mandatory Reserves Deposited by Commercial Banks with the Central Bank of the Republic of Uzbekistan

[Registered by the Ministry of Justice of the Republic of Uzbekistan on August 30, 2018, Registration No. 3002-1]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activity", the Decree of the President of the Republic of Uzbekistan No. PF-5296 dated January 9, 2018 "On Measures for Fundamental Improvement of the Activity of the Central Bank of the Republic of Uzbekistan", and the Resolution No. PQ-3272 dated September 13, 2017 "On Measures for Further Improvement of Monetary and Credit Policy", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments to the Regulation on Mandatory Reserves Deposited by Commercial Banks with the Central Bank of the Republic of Uzbekistan, approved by Resolution No. 12/8 of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018 (Registration No. 3002, April 25, 2018) (Collection of Legislation of the Republic of Uzbekistan, 2018, No. 17, Article 353), shall be made in accordance with the Appendix.

2. This Resolution enters into force from October 1, 2018.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

August 18, 2018,

No. 27/5

APPENDIX

to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 18, 2018, No. 27/5

Amendments to the Regulation on Mandatory Reserves Deposited by Commercial Banks with the Central Bank of the Republic of Uzbekistan

In paragraph 1:

the words "in national and foreign currencies" shall be deleted from the second bullet point;

the words "in national currency" shall be deleted from the sixth and seventh bullet points.

Paragraph 6 shall be worded as follows:

"6. Mandatory reserves are formed and maintained solely in national currency through monetary transfers to the mandatory reserve account of resident banks at the Central Bank or by maintaining an averaged amount in the representative account at the Central Bank, for liabilities attracted by commercial banks in national and foreign currencies."

Paragraphs 7 and 8 shall be deemed to have lost their force.

The words "Investment Programs" in position 42 of Appendix 1 shall be replaced with the words "Development State Programs".

Column "Z" of the table in Appendix 2 shall be deleted.

In Appendix 3:

the thirteenth bullet point shall be worded as follows:

"(J) Column = (B) Column x (D) Column + (G) Column x (E) Column";

the fourteenth and fifteenth bullet points shall be deleted;

the sixteenth and sixtieth bullet points shall be considered as the fourteenth and fifty-fourth bullet points, respectively;

the words "total and in column (Z) the funds in column (Z) of rows 1-27" shall be deleted from the forty-third bullet point;

the fifty-third and fifty-fourth bullet points shall be deleted.

(National Database of Legislative Information, August 30, 2018, 10/18/3002-1/1815)