Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 29/8 on Amendments and Additions to the Rules for Managing Open Currency Positions

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 11.10.2018, reg. number 1497-3

Entry into force date

12.10.2018

All

07.05.2021

12.10.2018

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Act lost legal force 07.05.2021

[OKOBZ:

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);

2.21.00.00.00 Comprehensive documents on amendments and additions / 21.04.00.00 Departmental normative legal acts]

[TSZ:

1.Finance / Currency regulation. Precious metals (stones)]

Resolution

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

On Amendments and Additions to the Rules for Managing Open Currency Positions

[Registered by the Ministry of Justice of the Republic of Uzbekistan on October 11, 2018. Registration No. 1497-3]

Commentary LexUz

This resolution lost legal force in accordance with the [resolution](/docs/5421572?ONDATE=07.05.2021 00#5425259) of the Board of the Central Bank of the Republic of Uzbekistan dated April 30, 2021 No. 8/1 "On Approval of the Rules for Managing Open Currency Positions" (reg. No. 3301 dated 07.05.2021).

In accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Currency Regulation", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Make amendments and additions to the [Rules](/docs/660056?ONDATE=01.08.2005 00#667155) for managing open currency positions, approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 28, 2005 No. 610 (reg. No. 1497 dated July 15, 2005) (Collection of Legislation of the Republic of Uzbekistan, 2005, No. 28-29, Art. 215), according to the appendix.

2. This resolution enters into force from the day of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent,

September 8, 2018,

No. 29/8

APPENDIX
to the resolution of the Board of the Central Bank of the Republic of Uzbekistan dated September 8, 2018 No. 29/8

Amendments and additions made to the Rules for Managing Open Currency Positions

1. In [paragraph 1](/docs/660056?ONDATE=01.08.2005 00#667171):

complete with seventh and eighth paragraphs as follows:

"Total value of all short currency positions — the total sum of short currency positions for all types of foreign currencies.

Total value of all long currency positions — the total sum of long currency positions for all types of foreign currencies.";

[paragraphs seventh through eleventh](/docs/660056?ONDATE=11.10.2017 00#3402296) are considered respectively as paragraphs ninth through thirteenth;

[paragraph thirteen](/docs/660056?ONDATE=14.10.2015 00#2741214) is excluded.

2. [Paragraph one](/docs/660056?ONDATE=01.08.2005 00#667212) of paragraph 5 is restated as follows:

"5. The actual size of the total value of open currency positions is determined when calculating the sum of all short and all long currency positions separately, as well as when calculating all open currency positions.".

3. [Paragraph 8](/docs/660056?ONDATE=11.10.2017 00#3402313) is restated as follows:

"8. For the purpose of limiting the currency risk of commercial banks associated with possible changes in the exchange rate of the national currency to foreign currencies, the Board of the Central Bank of the Republic of Uzbekistan establishes limits for open currency positions for commercial banks on:

each type of foreign currency;

total value of open currency positions;

total value of all short currency positions;

total value of all long currency positions.".

4. [Paragraphs 9](/docs/660056?ONDATE=01.08.2005 00#667230) and [10](/docs/660056?ONDATE=01.08.2005 00#667232) are recognized as having lost legal force.

5. [Paragraph one](/docs/660056?ONDATE=11.10.2017 00#3402329) of paragraph 13 is restated as follows:

"13. Commercial banks independently establish limits for open currency positions for their branches in accordance with the requirements of these Rules and notify them in written or electronic form.".

6. In [paragraph 14](/docs/660056?ONDATE=11.10.2017 00#3402325):

[paragraph three](/docs/660056?ONDATE=01.08.2005 00#667254) is restated as follows:

"data of inspections carried out by the Central Bank in accordance with the Law of the Republic of Uzbekistan 'On the Central Bank of the Republic of Uzbekistan';";

complete with a paragraph as follows:

"daily monitoring of balance sheet accounts of commercial banks.".

7. [Paragraph 18](/docs/660056?ONDATE=11.10.2017 00#3402362) is restated as follows:

"18. In cases of exceeding the limit of an open currency position or failure to submit reports, the Central Bank of the Republic of Uzbekistan may apply liability measures established by legislation to commercial banks by decision of the Banking Supervision Committee of the Central Bank of the Republic of Uzbekistan.".

(National database of legislation, 12.10.2018, No. 10/18/1497-3/2041)