Regulatory Alerts2016-01-12
Added · Updated
Clarification on Amendments to the Instruction on Organizing Cash Operations, Collection, and Transport of Valuables in Commercial Banks
The Central Bank of Uzbekistan clarifies amendments to the Instruction on Organizing Cash Operations, Collection, and Transport of Valuables in Commercial Banks, effective October 16, 2011. The amendments incorporate details regarding the circulation of the 500 sum commemorative coin and simplify cash deposit procedures for small business and private entrepreneurship entities, allowing them to deposit cash up to twenty times the minimum wage at their primary bank branch. Additionally, the clarification explicitly prohibits banks from directly transporting national and foreign currency cash and other valuables themselves, mandating that such transport be conducted through the Collection Association under the Central Bank.