Regulatory Alerts2019-11-11 | ЗРУ-582Added
Law of the Republic of Uzbekistan On Amendments and Additions to the Law of the Republic of Uzbekistan On the Central Bank of the Republic of Uzbekistan
This law adopts a new edition of the Law of the Republic of Uzbekistan On the Central Bank of the Republic of Uzbekistan, establishing the Central Bank's legal status as a state-owned legal entity independent from other government bodies. It defines the Central Bank's primary goals as ensuring stability in prices, the banking system, and payment systems, while prohibiting profit-seeking, commercial activity, and providing financial assistance to the government or third parties. The legislation grants the Central Bank authority to issue regulations binding on all entities, license banks and other financial organizations using reasoned judgment, and create subordinate organizations and territorial administrations.
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25.07.2026
29.06.2026
25.09.2025
18.04.2025 01
17.04.2025
19.02.2025
12.02.2025
22.12.2024
29.11.2023 01
21.04.2022
30.03.2022
12.10.2021
21.04.2021
12.11.2019
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Russian Eng Uzbek O’zb Russian|Uzbek Russian|O‘zb
[ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central bank, its structural divisions and institutions; 2. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.20.00.00 Procedure for creation, reorganization and liquidation of banks and credit organizations. Licensing of banking and credit activities. Permissive procedures] [ TMS: 1. Finance / Banks and other credit institutions. Credits] Send suggestions for the document Listen to audio Get a link from the document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element On the introduction of amendments and additions to the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" Send suggestions for the document Listen to audio Get a link from the document element Adopted by the Legislative Chamber on August 17, 2019 Approved by the Senate on October 11, 2019 Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Article 1. Make changes and additions to the Law of the Republic of Uzbekistan of December 21, 1995 No. 154-I "On the Central Bank of the Republic of Uzbekistan" (Vedomosti Oliy Majlis of the Republic of Uzbekistan, 1995, No. 12, art. 247; 1998, No. 9, art. 181; 1999, No. 5, art. 124; 2001, No. 1-2, art. 23; 2003, No. 1, art. 8; 2005, No. 1, art. 18; Vedomosti of the Chambers of Oliy Majlis of the Republic of Uzbekistan, 2006, No. 9, art. 496; 2007, No. 12, art. 608; 2009, No. 4, art. 133, No. 9, arts. 330, 337, No. 12, art. 470; 2012, No. 4, art. 105, No. 12, art. 336; 2014, No. 5, art. 130, No. 12, art. 343; 2015, No. 12, art. 452; 2018, No. 1, art. 1; 2019, No. 1, art. 5, No. 2, art. 47) changes and additions, approving its new edition ( attached ). [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link from the document element Article 2. The Central Bank of the Republic of Uzbekistan shall ensure implementation, notification to executors, and explanation to the population of the essence and meaning of this Law. [ OKOZ: 1. 01.00.00.00 Constitutional structure / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)] Send suggestions for the document Listen to audio Get a link from the document element Article 3. To the Cabinet of Ministers of the Republic of Uzbekistan: Send suggestions for the document Listen to audio Get a link from the document element bring government decisions into compliance with this Law; Send suggestions for the document Listen to audio Get a link from the document element ensure the review and cancellation by state management bodies of their normative legal acts contradicting this Law. Send suggestions for the document Listen to audio Get a link from the document element Article 4. This Law enters into force from the day of its official publication. Send suggestions for the document Listen to audio Get a link from the document element President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get a link from the document element city of Tashkent, Send suggestions for the document Listen to audio Get a link from the document element November 11, 2019, Send suggestions for the document Listen to audio Get a link from the document element No. ZRU-582 Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element On the Central Bank of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element (new edition) Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Chapter 1. General Provisions Send suggestions for the document Listen to audio Get a link from the document element Article 1. Purpose of this Law [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link from the document element The purpose of this Law is to regulate the activities of the Central Bank of the Republic of Uzbekistan. See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element In the territory where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan, tasks for regulating relations falling within the competence of the Central Bank of the Republic of Uzbekistan are carried out by a specially authorized body. Send suggestions for the document Listen to audio Get a link from the document element Relations of participants of the territory where a special legal regime is established with banks and other organizations supervised by the Central Bank of the Republic of Uzbekistan are regulated by the Central Bank of the Republic of Uzbekistan jointly with the authorized body in the territory where a special legal regime is established. LexUz Comment Unofficial translation. Article 1 is supplemented by parts two and three Law of the Republic of Uzbekistan of July 13, 2026 No. ZRU-1158. See the official text in Uzbek . Entry into force date - July 25, 2026. Send suggestions for the document Listen to audio Get a link from the document element Article 2. Legislation on the Central Bank of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element Legislation on the Central Bank of the Republic of Uzbekistan consists of this Law and other legislative acts. Send suggestions for the document Listen to audio Get a link from the document element Article 3. Legal status of the Central Bank of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element The legal status, powers, functions and organization of activities of the Central Bank of the Republic of Uzbekistan (hereinafter - the Central Bank) are determined by the Constitution of the Republic of Uzbekistan, this Law and other legislative acts. [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.03.00.00 Legal entities / 03.03.01.00 General provisions] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank is a legal entity and is in the exclusive ownership of the state, carries out its expenses from its own income. Send suggestions for the document Listen to audio Get a link from the document element The Central Bank makes decisions within its powers and functions independently of other bodies of state power and management. Send suggestions for the document Listen to audio Get a link from the document element The Central Bank is not liable for the obligations of the state, and the state is not liable for the obligations of the Central Bank, unless they have assumed such obligations themselves or unless otherwise provided by law. Send suggestions for the document Listen to audio Get a link from the document element The Central Bank, as well as organizations subordinate to it, have a seal and forms with their name featuring the State Emblem of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a link from the document element Article 4. Property of the Central Bank [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.04.00.00 Objects of civil rights / 03.04.03.00 Material goods / 03.04.03.01 Movable and immovable property] Send suggestions for the document Listen to audio Get a link from the document element The property of the Central Bank consists of its monetary and other material values, the cost of which is reflected in the balance sheet of the Central Bank. [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.08.00.00 Right of ownership and other property rights / 03.08.02.00 Acquisition and termination of ownership rights] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank has the right to possess, use and dispose of property reflected in its balance sheet. LexUz Comment See Section II of the Civil Code of the Republic of Uzbekistan and Law "On Property in the Republic of Uzbekistan". Send suggestions for the document Listen to audio Get a link from the document element Article 5. Main goals of the activities of the Central Bank [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.01.00 General issues] Send suggestions for the document Listen to audio Get a link from the document element The main goals of the activities of the Central Bank are ensuring stability: Send suggestions for the document Listen to audio Get a link from the document element prices; Send suggestions for the document Listen to audio Get a link from the document element banking system; Send suggestions for the document Listen to audio Get a link from the document element functioning of payment systems. Send suggestions for the document Listen to audio Get a link from the document element The activities of the Central Bank to ensure the stability of the banking system must not negatively affect the stability of prices. Send suggestions for the document Listen to audio Get a link from the document element Profit generation is not a goal of the Central Bank. Send suggestions for the document Listen to audio Get a link from the document element Article 6. Prohibited types of activities for the Central Bank [ OKOZ: 1. 01.00.00.00 Constitutional structure / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank is not entitled to: Send suggestions for the document Listen to audio Get a link from the document element engage in providing financial assistance to third parties, except for organizations subordinate to it; Send suggestions for the document Listen to audio Get a link from the document element engage in commercial activity; Send suggestions for the document Listen to audio Get a link from the document element issue guarantees for the obligations of third parties, including the Government of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element participate in the capital of banks and charter funds (charter capitals) of other legal entities, except for participation in the capital of the currency exchange, the joint-stock company "Central Depository of Securities" (hereinafter - the Central Depository of Securities), as well as organizations subordinate to it that ensure the activities of the Central Bank. LexUz Comment Unofficial translation. Paragraph five of part one of Article 6 in the edition Law of the Republic of Uzbekistan of April 17, 2025 No. ZRU-1057. See the official text in Uzbek . [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.07.00.00 Other issues of budgetary device / 07.07.01.00 Consolidated budget. Initiative budget. Other types of budgets; 2. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.02.00 Credits of the Central Bank of the Republic of Uzbekistan, discount rate of the Central Bank of the Republic of Uzbekistan] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank does not provide loans or financial assistance to the Government of the Republic of Uzbekistan, other state bodies and organizations, including for financing the deficit of the State Budget of the Republic of Uzbekistan (hereinafter - the State Budget). Send suggestions for the document Listen to audio Get a link from the document element Article 7. Conflict of interest and measures to prevent corruption [ OKOZ: 1. 16.00.00.00 Security and protection of law and order / 16.04.00.00 Society security / 16.04.12.00 Anti-corruption] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank develops and implements a policy on preventing, detecting and managing conflicts of interest and measures to prevent corruption, which are mandatory for compliance by all employees of the Central Bank, as well as its subordinate organizations. Send suggestions for the document Listen to audio Get a link from the document element Article 8. Accountability [ OKOZ: 1. 01.00.00.00 Constitutional structure / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate (upper chamber) of Oliy Majlis / 01.08.02.01 Competence of the Senate of Oliy Majlis] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank is accountable to the Senate of the Oliy Majlis of the Republic of Uzbekistan. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.04.00.00 Auditing activity / 09.04.05.00 Audit opinion] Send suggestions for the document Listen to audio Get a link from the document element The Senate of the Oliy Majlis of the Republic of Uzbekistan considers the annual report of the Central Bank together with the opinion of the auditing organization. Send suggestions for the document Listen to audio Get a link from the document element Article 9. Normative legal acts of the Central Bank Send suggestions for the document Listen to audio Get a link from the document element The Central Bank, within its powers, adopts normative legal acts mandatory for execution by all natural and legal persons on the territory of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a link from the document element Normative legal acts of the Central Bank enter into force from the day of their official publication, unless a later date is specified in the acts themselves. Send suggestions for the document Listen to audio Get a link from the document element Article 10. Organizational structure of the Central Bank [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank represents a unified centralized management system. Send suggestions for the document Listen to audio Get a link from the document element The Central Bank, for the implementation of its powers and performance of functions, has the right to create organizations subordinate to it. Send suggestions for the document Listen to audio Get a link from the document element In the Karakalpakstan Republic, regions and the city of Tashkent, the Central Bank creates main territorial administrations that do not have the status of a legal entity. Send suggestions for the document Listen to audio Get a link from the document element Organizations subordinate to the Central Bank carry out their activities on the basis of a regulation (charter) approved by the Central Bank. Send suggestions for the document Listen to audio Get a link from the document element Chapter 2. Powers and functions of the Central Bank Send suggestions for the document Listen to audio Get a link from the document element Article 11. Powers of the Central Bank [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.11.00.00 Separate types of obligations / 03.11.16.00 Bank account; 2. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.03.00.00 Monetary system and monetary circulation. Inflation / 07.03.02.00 Emission of cash money, organization and regulation of monetary circulation. Inflation; 3. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.20.00.00 Procedure for creation, reorganization and liquidation of banks and credit organizations. Licensing of banking and credit activities. Permissive procedures; 4. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.02.00 Procedure for opening and keeping bank accounts; 5. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.06.00 Credit operations (see also 07.22.00.00); 6. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.02.00 Credits of the Central Bank of the Republic of Uzbekistan, discount rate of the Central Bank of the Republic of Uzbekistan; 7. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.01.00 Types of securities / 07.24.01.02 Shares and bonds; 8. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.27.00.00 Currency regulation and currency control / 07.27.07.00 Currency accounts; 9. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General provisions of creation and organization of exchange activities. Specialization of exchanges; 10. 09.00.00.00 Entrepreneurship and economic activity / 09.08.00.00 Assay business. Precious metals and stones; 11. 19.00.00.00 International relations. International law / 19.07.00.00 Diplomatic and consular law / 19.07.04.00 Diplomatic and other representations] Send suggestions for the document Listen to audio Get a link from the document element The Central Bank: Send suggestions for the document Listen to audio Get a link from the document element establishes rules for carrying out settlements in the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a link from the document element establishes the procedure for opening, keeping and closing a bank's client accounts in national and foreign currency; Send suggestions for the document Listen to audio Get a link from the document element issues into circulation and withdraws from circulation banknotes and coins on the territory of the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a link from the document element exercises the priority right of the state to acquire refined gold to replenish assets in precious metals; Send suggestions for the document Listen to audio Get a link from the document element issues into circulation ingots made of precious metals; Send suggestions for the document Listen to audio Get a link from the document element establishes the procedure for the purchase and sale of banknotes and coins made of precious metals; Send suggestions for the document Listen to audio Get a link from the document element establishes the procedure for banks to carry out operations with precious metals; Send suggestions for the document Listen to audio Get a link from the document element provides banks with short-term loans, as well as loans for emergency liquidity support in the manner and on terms determined by it; See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element uses reasoned judgment in licensing the activities of banks, registration of organizations carrying out the activities of a microfinance organization, factoring organizations, mortgage refinancing organizations, and guarantee-providing organizations, as well as in regulating and supervising the activities of banks, organizations carrying out the activities of a microfinance organization, mortgage refinancing organizations, guarantee-providing organizations, factoring organizations, pawnshops and banking groups; LexUz Comment Unofficial translation. Paragraph ten of part one of Article 11 in the edition Law of the Republic of Uzbekistan of April 17, 2025 No. ZRU-1058. See the official text in Uzbek . LexUz Comment See Regulation on coordination and regulation of the activities of mortgage refinancing organizations (10.02.2020, registration No. 3219). Send suggestions for the document Listen to audio Get a link from the document element requests and receives from state bodies and organizations information necessary for the implementation of its powers; Send suggestions for the document Listen to audio Get a link from the document element possesses, uses and disposes of property reflected in its balance sheet; Send suggestions for the document Listen to audio Get a link from the document element creates organizations subordinate to it, including the currency exchange; Send suggestions for the document Listen to audio Get a link from the document element carries out financial operations, including providing banking services to foreign governments, central banks of other states; Send suggestions for the document Listen to audio Get a link from the document element represents the interests of the Republic of Uzbekistan in central banks of other states and international financial institutions within its powers; Send suggestions for the document Listen to audio Get a link from the document element opens representations in foreign states; Send suggestions for the document Listen to audio Get a link from the document element carries out the emission of bonds; Send suggestions for the document Listen to audio Get a link from the document element concludes clearing and payment agreements in its own name or on behalf of the Republic of Uzbekistan by order of the Government of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element conducts a control measure to identify violations in banks, organizations carrying out the activities of a microfinance organization, mortgage refinancing organizations, guarantee-providing organizations, factoring organizations and pawnshops, including remotely; LexUz Comment Unofficial translation. Paragraph nineteen of part one of Article 11 in the edition Law of the Republic of Uzbekistan of April 17, 2025 No. ZRU-1058. See the official text in Uzbek . Send suggestions for the document Listen to audio Get a link from the document element establishes requirements for the reproduction of images of banknotes and coins; See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element opens accounts for banks, the joint-stock company "National Clearing Center" (hereinafter - the National Clearing Center) and the Central Depository of Securities; LexUz Comment Unofficial translation. Paragraph twenty-one of part one of Article 11 in the edition Law of the Republic of Uzbekistan
Republic of Uzbekistan dated April 17, 2025 No. ZRU-1057. See the official text in Uzbek.
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Carries out activities in financial markets by purchasing and selling outright (spot and forward) or under repurchase agreements, as well as by lending or borrowing market instruments, currencies, and precious metals;
See previous edition.
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See previous edition.
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Takes measures to identify and prevent threats to information security and cybersecurity in the activities of microfinance organizations, pawnshops, mortgage refinancing organizations, guarantee-providing organizations, factoring organizations (hereinafter — non-bank credit organizations), as well as banks, payment organizations, payment system operators, currency exchanges, and credit bureaus;
LexUz Commentary Unofficial translation. Paragraph twenty-three of part one of Article 11 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
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Monitors the activities of banks and non-bank credit organizations (hereinafter — credit organizations), payment organizations, payment system operators, currency exchanges, and credit bureaus to identify and prevent threats to information security and cybersecurity;
See previous edition.
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Establishes requirements for security, cybersecurity, and the conduct of IT audits of information systems of electronic factoring platforms created by persons who are not credit organizations, and exercises supervision over the fulfillment of these requirements;
LexUz Commentary Unofficial translation. Part one of Article 11 is supplemented with paragraph twenty-five by the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
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Determines the procedure for operational exchange with the Central Bank of information on cybersecurity incidents and threats identified in the activities of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus.
(part one of Article 11 is supplemented with paragraphs twenty-third, twenty-fourth, and twenty-fifth by the Law of the Republic of Uzbekistan dated September 20, 2024 No. ZRU-964 — National Database of Legislation, 21.09.2024, No. 03/24/964/0736 — Enters into force on December 22, 2024)
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The Central Bank may have other powers in accordance with legislation.
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Article 12. Functions of the Central Bank [OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy, Socio-Cultural Construction / 02.08.04.00 State Material Reserve; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Monetary Circulation. Inflation / 07.03.01.00 General Issues; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Monetary Circulation. Inflation / 07.03.02.00 Emission of Cash Money, Organization and Regulation of Monetary Circulation. Inflation; 4. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republican Budget / 07.05.01.00 General Provisions; 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republican Budget / 07.05.08.00 State Debt; 6. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Procedure for Creation, Reorganization, and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permissive Procedures; 7. 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); 8. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Organizations / 07.23.02.00 Pawnshops; 9. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.30.00.00 Counteraction to Legalization of Income Received from Criminal Activity and Financing of Terrorism / 07.30.01.00 Measures Directed at Counteraction to Legalization of Income Received from Criminal Activity and Financing of Terrorism]
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The Central Bank:
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Develops and implements monetary and credit, including currency, policy;
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Conducts monitoring, analysis, and forecasting of the inflation level in the Republic of Uzbekistan, publishes corresponding informational materials and statistical data;
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Carries out the formation and publication of banking, monetary-credit statistics, and external sector statistics, including the balance of payments, international investment position, external debt, and reserve assets of the Republic of Uzbekistan;
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Annually submits to the Government of the Republic of Uzbekistan information on economic and financial issues, containing recommendations for the preparation of the draft State Budget;
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Organizes cash money circulation;
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Carries out currency regulation and currency control;
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Regularly establishes the currency exchange rate for the purposes of accounting, statistical, and other reporting on currency operations, as well as for the calculation of customs and other mandatory payments on the territory of the Republic of Uzbekistan;
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Carries out state registration of banks and credit bureaus;
See previous edition.
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Licenses the activities of banks, payment organizations, payment system operators, currency exchanges, and credit bureaus, regulates and exercises supervision over the activities of banks, as well as non-bank credit organizations, payment organizations, payment system operators, currency exchanges, the National Clearing Center, credit bureaus, and banking groups;
LexUz Commentary Unofficial translation. Paragraph ten of part one of Article 12 in the edition of the Law
Republic of Uzbekistan dated April 17, 2025 No. ZRU-1057. See the official text in Uzbek.
See previous edition.
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regulates and exercises supervision over the activities of the Central Securities Depository for cash settlements resulting from securities transactions;
Commentary LexUz Unofficial translation. Part one of Article 12 is supplemented by paragraph eleven by the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1057. See the official text in Uzbek.
See previous edition.
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issues documents of a permissive nature;
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accepts notifications on the commencement and cessation of activities (actions) carried out in a notification procedure, exercises control over notificants carrying out activities (actions) in a notification procedure, and makes decisions on suspension, resumption, and cessation of activities (actions);
(part one of Article 12 is supplemented by paragraphs eleven and twelve by the Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Legislative Database, 12.10.2021, No. 03/21/721/0952)
See previous edition.
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carries out bank rehabilitation;
Commentary LexUz Unofficial translation. Part one of Article 12 is supplemented by paragraph fourteen by the Law of the Republic of Uzbekistan dated June 23, 2025 No. ZRU-1070. See the official text in Uzbek. Entry into force date — September 25, 2025.
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carries out banking operations and other transactions necessary for the performance of the functions of the government's fiscal agent, either independently or upon instruction of the Government of the Republic of Uzbekistan;
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takes measures to ensure the stability of the functioning of payment systems in the Republic of Uzbekistan;
See previous edition.
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monitors and controls compliance by persons subject to the supervision of the Central Bank with internal control rules and the procedure for providing information to the specially authorized state body related to the prevention of legalization of income obtained from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction;
(paragraph fifteen of part one of Article 12 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Legislative Database, 21.04.2022, No. 03/22/765/0332)
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is the depository of International Monetary Fund funds in the currency of the Republic of Uzbekistan, carries out operations and transactions, including those provided for by international treaties of the Republic of Uzbekistan;
See previous edition.
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takes measures to ensure the protection of the rights and legitimate interests of consumers of credit organization services, increase the accessibility of financial services, and raise the level of financial literacy of the population and business entities;
(paragraph seventeen of part one of Article 12 in the edition of the Law of the Republic of Uzbekistan dated September 20, 2024 No. ZRU-964 — National Legislative Database, 21.09.2024, No. 03/24/964/0736 — Enters into force on December 22, 2024)
See previous edition.
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in agreement with the authorized state body in the field of cybersecurity, identifies objects of critical information infrastructure of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus, develops requirements for forming their registry and ensuring cybersecurity;
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carries out, in accordance with the procedure established by the authorized state body in the field of cybersecurity, expertise of information systems and resources, objects of critical information infrastructure of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus for compliance with cybersecurity requirements;
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carries out audits of information security and cybersecurity of informationization objects of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus;
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maintains a rating on the level of information security and cybersecurity in the activities of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus;
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issues mandatory instructions for execution to credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus, and adopts normative documents on the prevention and/or elimination of cybersecurity threats (including thefts related to bank cards);
(part one of Article 12 is supplemented by paragraphs eighteen to twenty-two by the Law of the Republic of Uzbekistan dated September 20, 2024 No. ZRU-964 — National Legislative Database, 21.09.2024, No. 03/24/964/0736 — Enters into force on December 22, 2024)
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carries out the management, accounting, and storage of the international reserves of the Republic of Uzbekistan (hereinafter — international reserves), including the reserves of the Government of the Republic of Uzbekistan under the agreement.
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The Central Bank may perform other functions in accordance with legislation to achieve the goals established by this Law.
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Chapter 3. Financial Position of the Central Bank
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Article 13. Statutory Capital of the Central Bank
[OKOZ: 1. 01.00.00.00 Constitutional Structure / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate (upper chamber) of the Oliy Majlis / 01.08.02.01 Competence of the Senate of the Oliy Majlis]
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The size of the statutory capital of the Central Bank is one trillion sums. The increase in the size of the statutory capital is produced by a decree of the Senate of the Oliy Majlis of the Republic of Uzbekistan.
Commentary LexUz [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Security of Performance of Obligations / 03.10.02.06 Earnest Money]
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The statutory capital of the Central Bank is not subject to transfer or use as collateral security.
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Article 14. Determination and Distribution of Profit
[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republican Budget / 07.05.02.00 Revenues of the Republican Budget; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republican Budget / 07.05.03.00 Expenditures of the Republican Budget]
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The profit of the Central Bank for each financial year is determined after the formation of reserves, coverage of possible losses on bad, doubtful debts, and other assets, accounting for all income and expenses, as well as the actual valuation of assets and liabilities.
Commentary LexUz See Regulation on the procedure for classifying asset quality and forming reserves to cover possible losses on assets, as well as their use in commercial banks (reg. 2696 dated 14.07.2015).
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Unrealized income and expenses of the Central Bank arising from the revaluation of international reserves due to changes in foreign exchange rates or the cost of precious metals are allocated to the revaluation fund for operations with international reserves. The specified unrealized income is not directed to the State Budget.
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The profit of the Central Bank is distributed in the manner established by its Board of Directors, simultaneously with the approval of the annual report.
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Reserves and special purpose funds may be formed by decision of the Board of Directors of the Central Bank.
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The remaining profit after replenishment of reserves and special purpose funds in the established manner is directed to the revenue of the State Budget. If the sum of the statutory capital and general reserves is less than ten percent of the monetary obligations of the Central Bank, determined as money in circulation and financial claims against the Central Bank, with the exception of obligations to the Government of the Republic of Uzbekistan and international financial organizations, then no more than fifty percent of the profit is transferred to the revenue of the State Budget.
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It is not permitted to transfer the remaining profit to the State Budget before the consideration of the annual report.
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Article 15. Annual Report of the Central Bank
[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.15.00 Other Operations and Transactions]
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The reporting period of the Central Bank is established from January 1 to December 31 of the calendar year inclusive. The annual report with the attachment of the audit organization's conclusion is submitted for consideration by the Senate of the Oliy Majlis of the Republic of Uzbekistan no later than May 15.
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The annual report of the Central Bank includes:
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analysis of the state of the economy;
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report on the activities of the Central Bank, including an overview of monetary policy and the state of the banking sector.
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The Central Bank annually publishes its annual report on its official website.
Commentary LexUz
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Article 16. Internal Audit of the Activities of the Central Bank
See previous edition.
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Internal audit of the activities of the Central Bank is carried out by the internal audit service of the Central Bank. The internal audit service of the Central Bank is accountable to the Board of Directors of the Central Bank and the Audit Committee in its activities.
Commentary LexUz Unofficial translation. Part one of Article 16 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
See previous edition.
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An Audit Committee consisting of three independent members is established within the Central Bank.
Commentary LexUz Unofficial translation. Part two of Article 16 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
See previous edition.
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Members of the Audit Committee are appointed by the Board of Directors of the Central Bank. At the same time, one of the independent members of the Board of Directors of the Central Bank must be the chairman of the Audit Committee, and one of the members of the Audit Committee must have work experience in the field of accounting or auditing.
Commentary LexUz Unofficial translation. Part three of Article 16 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
See previous edition.
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The powers and regulations of the Audit Committee, its legal status, as well as the requirements for its members are determined by the Board of Directors of the Central Bank.
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The Audit Committee, within the powers provided by the Board of Directors of the Central Bank, performs tasks related to supervising the process of preparing financial reports in the Central Bank and the activities of the internal audit service, monitoring the effectiveness of risk management and internal control systems, and ensuring the high-quality conduct of external audits.
Commentary LexUz Unofficial translation. Article 16 is supplemented by parts four and five by the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
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The Audit Committee is accountable in its activities to the Board of Directors of the Central Bank.
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Internal audit of the activities of subordinate organizations of the Central Bank is conducted no less than once a year.
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Article 17. External Audit of the Activities of the Central Bank
[OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.04.00.00 Audit Activity / 09.04.07.00 Other Issues of Audit Activity]
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External audit of the activities of the Central Bank is conducted annually by audit organizations in accordance with International Standards on Auditing.
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Information obtained by the external auditor during the conduct of the audit of the activities of the Central Bank is confidential and is not subject to disclosure without its consent.
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Requirements imposed on the audit organization conducting the external audit are determined by the Central Bank.
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Chapter 4. Management of the Central Bank
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Article 18. Board of Directors of the Central Bank
[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural subdivisions and institutions]
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The highest body of the Central Bank is the Board of Directors of the Central Bank.
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The Board of Directors of the Central Bank determines the main directions of activities of the Central Bank and manages it.
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Article 19. Composition of the Board of Directors of the Central Bank
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The Board of Directors of the Central Bank consists of nine people.
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The Chairman of the Board of Directors of the Central Bank is the Chairman of the Central Bank. The Chairman of the Board of Directors of the Central Bank is appointed to and relieved of office by the Senate of the Oliy Majlis of the Republic of Uzbekistan upon the submission of the President of the Republic of Uzbekistan.
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The Board of Directors of the Central Bank includes the Chairman of the Central Bank, his first deputy and deputies, as well as two independent members of the Board of Directors.
[OKOZ: 1. 01.00.00.00 Constitutional Structure / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate (upper chamber) of the Oliy Majlis / 01.08.02.04 Council of the Senate of the Oliy Majlis]
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Independent members of the Board of Directors of the Central Bank are approved by the Council of the Senate of the Oliy Majlis of the Republic of Uzbekistan upon the submission of the Chairman of the Central Bank.
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Article 20. Powers of the Board of Directors of the Central Bank
[OKOZ: 1. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.01.00.00 Employment and Population Employment / 05.01.01.00 General Issues; 2. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.02.00.00 Labor / 05.02.08.00 Conclusion of an Employment Contract (Contract). Preliminary Trial Period upon Hiring; 3. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.02.00.00 Labor / 05.02.22.00 Termination of an Employment Contract (Contract) / 05.02.22.01 Termination of an Employment Contract (Contract) at the Initiative of the Employee; 4. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.03.00.00 Payment of Labor / 05.03.01.00 General Issues; 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Procedure for Creation, Reorganization, and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permissive Procedures; 6. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.17.00 Accounting and Reporting in Banks; 7. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.02.00 State Regulation of Exchange Activity. Licensing of Exchange Activity]
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The Board of Directors of the Central Bank:
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determines the main parameters of monetary policy, including volumes, limits, and norms of operations of the Central Bank for providing and withdrawing liquidity, interest rates on monetary operations of the Central Bank, including the refinancing rate and/or key rate, sizes of mandatory reserve requirements (mandatory reserve norms, coefficient of averaging mandatory reserves), and the list of types of collateral for issued credits;
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approves the main directions of monetary policy for the coming year;
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approves normative legal acts of the Central Bank;
See previous edition.
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approves Islamic financial standards for credit organizations;
Commentary LexUz Unofficial translation. Article 20 is supplemented by paragraph five by the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date — June 29, 2026.
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considers the issue of the participation of the Central Bank in international organizations, as well as the conclusion and accession to international treaties and agreements;
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determines the nominal value, samples, and conditions for the withdrawal of banknotes;
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determines the procedure for maintaining accounting, reporting, and financial and economic activities of the Central Bank;
See previous edition.
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determines for banks, including systemically important banks, as well as banking groups, microfinance organizations, mortgage refinancing organizations, guarantee provision organizations, and factoring organizations, the procedure for calculating and permissible values of prudential norms;
Commentary LexUz Unofficial translation. Paragraph eight of Article 20 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
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approves for credit organizations the rules for conducting financial operations and maintaining accounting;
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approves for credit organizations, banking groups, and credit bureaus the rules for compiling and presenting financial reporting, its structure, and content;
See previous edition.
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makes decisions on the issuance, reissuance, and revocation of licenses for the right to carry out banking activity and for the right to carry out Islamic banking activity;
Commentary LexUz Unofficial translation. Paragraph twelve of Article 20 in the edition of the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date — June 29, 2026.
See previous edition.
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makes a decision on the rehabilitation of a bank;
Commentary LexUz Unofficial translation. Article 20 is supplemented by paragraph twelve by the Law of the Republic of Uzbekistan dated June 23, 2025 No. ZRU-1070. See the official text in Uzbek. Entry into force date — September 25, 2025.
See previous edition.
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makes decisions on the issuance, suspension, termination of action, reissuance, and annulment of licenses for the right to carry out activities, for currency exchanges, and for credit bureaus;
(paragraph twelve of Article 20 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Legislative Database, 21.04.2022, No. 03/22/765/0332)
See previous edition.
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decides on the issuance, reissuance, and revocation of licenses for the right to carry out activities by payment system operators and payment organizations; (Paragraph 13 of Article 20 was added by the Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) See previous edition. Send comments on the document Listen to audio Get link to document element Send comments on the document Listen to audio Get link to document element decides on the accounting registration of organizations carrying out the activities of microfinance organizations, mortgage refinancing organizations, guarantee organizations, and factoring organizations, as well as on the exclusion of information about them from the corresponding registers; LexUz Comment Unofficial translation. Paragraph 14 of Article 20 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek. See previous edition. Send comments on the document Listen to audio Get link to document element Send comments on the document Listen to audio Get link to document element decides on the accounting registration of the Central Depository of Securities and the National Clearing Center; LexUz Comment Unofficial translation. Paragraph 15 of Article 20 was added by the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1057. See the official text in Uzbek. Send comments on the document Listen to audio Get link to document element approves the organizational structure of the Central Bank, the structure of the central apparatus of the Central Bank and the main directorates of the Central Bank for the Republic of Karakalpakstan, regions, and the city of Tashkent, and their staffing table; Send comments on the document Listen to audio Get link to document element decides on the creation, reorganization, and liquidation of organizations subordinate to the Central Bank; See previous edition. Send comments on the document Listen to audio Get link to document element Send comments on the document Listen to audio Get link to document element decides on the creation and liquidation in the Central Bank of the Council on Islamic Finance of the Central Bank for coordinating issues of Islamic financial activity (hereinafter — the Council on Islamic Finance of the Central Bank), and also establishes requirements for its activities; LexUz Comment Unofficial translation. Paragraph 20 of Article 20 was added by the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date — June 29, 2026. Send comments on the document Listen to audio Get link to document element approves the budget of expenditures and revenues of the Central Bank; Send comments on the document Listen to audio Get link to document element considers the annual and financial reports of the Central Bank; Send comments on the document Listen to audio Get link to document element approves the heads of structural subdivisions and subordinate organizations of the Central Bank; Send comments on the document Listen to audio Get link to document element hears reports and statements from the heads of structural subdivisions of the Central Bank and its subordinate organizations; Send comments on the document Listen to audio Get link to document element approves the regulation and composition of the Credit Committee and the Banking Supervision Committee of the Central Bank; Send comments on the document Listen to audio Get link to document element hears reports and statements from the Credit Committee and the Banking Supervision Committee of the Central Bank; Send comments on the document Listen to audio Get link to document element considers and approves the policy on preventing, identifying, and managing conflicts of interest in the implementation of the Central Bank's activities; Send comments on the document Listen to audio Get link to document element establishes the conditions for hiring, termination of employment contracts, and payment of wages to Central Bank employees in accordance with legislation, as well as the procedure for obtaining loans by them; Send comments on the document Listen to audio Get link to document element decides on issues related to the banking system in accordance with the requirements of legislation; Send comments on the document Listen to audio Get link to document element determines the strategy for the management, accounting, and storage of international reserves; Send comments on the document Listen to audio Get link to document element approves the minimum requirements for the activities of credit organizations in their interactions with consumers of their services; Send comments on the document Listen to audio Get link to document element approves requirements for the activities of credit bureaus; Send comments on the document Listen to audio Get link to document element considers and decides on other issues referred to the powers of the Central Bank. Send comments on the document Listen to audio Get link to document element Article 21. Meetings of the Board of the Central Bank [OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central Bank, its structural subdivisions and institutions] Send comments on the document Listen to audio Get link to document element Meetings of the Board of the Central Bank are held no less than once a month. Send comments on the document Listen to audio Get link to document element Meetings of the Board of the Central Bank are convened by the Chairman of the Central Bank. Meetings may also be convened at the request of no fewer than three members of the Board of the Central Bank. Send comments on the document Listen to audio Get link to document element The Chairman of the Central Bank presides over the meetings of the Board of the Central Bank, and in his absence — his First Deputy or one of the Deputies. Send comments on the document Listen to audio Get link to document element A meeting of the Board of the Central Bank is quorate if no less than two-thirds of its members participate in it. Decisions of the Board of the Central Bank are adopted by a simple majority of the votes of the participating members. In case of a tie, the vote of the presiding officer is decisive. Send comments on the document Listen to audio Get link to document element Meetings of the Board of the Central Bank are, as a rule, held in closed mode. Send comments on the document Listen to audio Get link to document element Plans for holding open meetings of the Board of the Central Bank, including agendas, place and time of meetings, are announced on the official website of the Central Bank. Send comments on the document Listen to audio Get link to document element Meetings of the Board of the Central Bank are conducted in accordance with the regulations. Send comments on the document Listen to audio Get link to document element A decision of the Board of the Central Bank is adopted in the form of a resolution. Send comments on the document Listen to audio Get link to document element Article 22. Chairman of the Central Bank [OKOZ: 1. 01.00.00.00 Constitutional structure / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate (upper chamber) of the Oliy Majlis / 01.08.02.01 Competence of the Senate of the Oliy Majlis; 2. 01.00.00.00 Constitutional structure / 01.10.00.00 President of the Republic of Uzbekistan / 01.10.01.00 General provisions. Order of election. Termination of powers; 3. 01.00.00.00 Constitutional structure / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00); 4. 02.00.00.00 Fundamentals of state administration / 02.03.00.00 Republican executive bodies and economic management bodies / 02.03.02.00 Ministries; 5. 02.00.00.00 Fundamentals of state administration / 02.03.00.00 Republican executive bodies and economic management bodies / 02.03.03.00 Committees; 6. 02.00.00.00 Fundamentals of state administration / 02.03.00.00 Republican executive bodies and economic management bodies / 02.03.04.00 Agencies, inspectorates and other departments; 7. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.21.00 Other issues of banking activity] Send comments on the document Listen to audio Get link to document element The Chairman of the Central Bank: Send comments on the document Listen to audio Get link to document element directs the activities of the Central Bank and its Board, manages the funds of the Bank, and is responsible for the performance of functions assigned to the Central Bank, and also represents the Central Bank within the territory of the Republic of Uzbekistan and abroad without a power of attorney; Send comments on the document Listen to audio Get link to document element directs the internal audit service; Send comments on the document Listen to audio Get link to document element resolves issues of the activities of the Central Bank, except those referred to the powers of the Board of the Central Bank by this Law; Send comments on the document Listen to audio Get link to document element signs resolutions of the Board of the Central Bank, issues orders and directives; Send comments on the document Listen to audio Get link to document element takes actions on the operational management of activities and current operations of the Central Bank; Send comments on the document Listen to audio Get link to document element reports to the President of the Republic of Uzbekistan and the Senate of the Oliy Majlis of the Republic of Uzbekistan; See previous edition. Send comments on the document Listen to audio Get link to document element Send comments on the document Listen to audio Get link to document element represents the Central Bank in the Oliy Majlis of the Republic of Uzbekistan, in the Cabinet of Ministers of the Republic of Uzbekistan, ministries and departments, courts, banks and institutions, international and foreign organizations on all issues of the activities of the Central Bank; (Paragraph 8 of Part 1 of Article 22 in the edition of the Law of the Republic of Uzbekistan dated November 28, 2023 No. ZRU-880 — National Database of Legislation, 29.11.2023, No. 03/23/880/0905) Send comments on the document Listen to audio Get link to document element entrusts the resolution of certain issues to his deputies, heads of structural subdivisions of the central apparatus, heads of the main directorates of the Central Bank for the Republic of Karakalpakstan, regions, and the city of Tashkent; Send comments on the document Listen to audio Get link to document element conducts receptions of natural persons and representatives of legal entities. Send comments on the document Listen to audio Get link to document element The term of office of the Chairman of the Central Bank is five years. Send comments on the document Listen to audio Get link to document element In the absence of the Chairman of the Central Bank, his duties are performed by the First Deputy or one of the Deputies of the Chairman. Send comments on the document Listen to audio Get link to document element Article 23. Grounds for dismissal from the position of Chairman of the Central Bank Send comments on the document Listen to audio Get link to document element The Chairman of the Central Bank may be dismissed from the position on the following grounds: Send comments on the document Listen to audio Get link to document element expiration of the term of office; Send comments on the document Listen to audio Get link to document element resignation from the position with an indication of reasons; Send comments on the document Listen to audio Get link to document element entry into legal force of a court conviction against him; Send comments on the document Listen to audio Get link to document element inability to perform official duties due to health reasons, based on a conclusion of the state medical commission; Send comments on the document Listen to audio Get link to document element death or declaration of his death by a court decision; Send comments on the document Listen to audio Get link to document element committing actions incompatible with holding the position, including gross violation of this Law and causing significant damage to the interests of the Central Bank. Send comments on the document Listen to audio Get link to document element Article 24. Deputies of the Chairman of the Central Bank Send comments on the document Listen to audio Get link to document element The First Deputy and Deputies of the Chairman of the Central Bank are appointed to and dismissed from their positions by the President of the Republic of Uzbekistan upon the submission of the Chairman of the Central Bank. Send comments on the document Listen to audio Get link to document element The First Deputy and Deputies of the Chairman of the Central Bank may be dismissed from the position on the following grounds: Send comments on the document Listen to audio Get link to document element resignation from the position with an indication of reasons; Send comments on the document Listen to audio Get link to document element entry into legal force of a court conviction against him; Send comments on the document Listen to audio Get link to document element inability to perform official duties due to health reasons, based on a conclusion of the state medical commission; Send comments on the document Listen to audio Get link to document element death or declaration of his death by a court decision; Send comments on the document Listen to audio Get link to document element committing actions incompatible with holding the position, including gross violation of this Law and causing significant damage to the interests of the Central Bank. Send comments on the document Listen to audio Get link to document element In order to prevent, identify, and manage conflicts of interest in the implementation of functions provided for by this Law, the Chairman of the Central Bank is obliged to ensure the separation of powers between his deputies, heads of independent structural subdivisions, including in the implementation of monetary policy, management of international reserves, and implementation of banking regulation, supervision, and control in the sphere of financial markets. Send comments on the document Listen to audio Get link to document element Article 25. Employees of the Central Bank [OKOZ: 1. 05.00.00.00 Labor legislation and population employment / 05.01.00.00 Employment and population employment / 05.01.02.00 Management in the sphere of employment and population employment; 2. 05.00.00.00 Labor legislation and population employment / 05.02.00.00 Labor / 05.02.22.00 Termination of employment contract (contract) / 05.02.22.01 Termination of employment contract (contract) at the initiative of the employee; 3. 05.00.00.00 Labor legislation and population employment / 05.03.00.00 Payment of labor / 05.03.01.00 General issues] Send comments on the document Listen to audio Get link to document element The conditions for hiring, termination of employment contracts, payment of wages to employees of the Central Bank, and other labor relations are determined by the Central Bank in accordance with legislation. [OKOZ: 1. 02.00.00.00 Fundamentals of state administration / 02.03.00.00 Republican executive bodies and economic management bodies / 02.03.01.00 General issues; 2. 03.00.00.00 Civil legislation / 03.08.00.00 Right of property and other real rights / 03.08.07.00 Other real rights / 03.08.07.01 Right of economic management; 3. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.16.00 Banking secrecy (see also 12.03.05.03); 4. 12.00.00.00 Information and informatization / 12.03.00.00 Information resources. Use of information resources / 12.03.05.00 Information with limited access / 12.03.05.02 Official and commercial secrecy; 5. 13.00.00.00 Education. Science. Culture / 13.02.00.00 Science / 13.02.01.00 General provisions] Send comments on the document Listen to audio Get link to document element Employees of the Central Bank are prohibited from: Send comments on the document Listen to audio Get link to document element engaging in any other types of paid activities, except for scientific and teaching activities; See previous edition. Send comments on the document Listen to audio Get link to document element Send comments on the document Listen to audio Get link to document element being a member of the supervisory boards of banks and economic entities, except in cases provided for by law; (Paragraph 3 of Part 2 of Article 25 in the edition of the Law of the Republic of Uzbekistan dated February 18, 2025 No. ZRU-1031 — National Database of Legislation, 19.02.2025, No. 03/25/1031/0160) Send comments on the document Listen to audio Get link to document element disclosing or using for the benefit of third parties information constituting banking secrecy, or other information with limited access in accordance with legislation, which became known to them in connection with the performance of their official duties. Send comments on the document Listen to audio Get link to document element Involvement of employees of the Central Bank in conducting checks of the financial and economic activities of business entities, including credit organizations, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, as well as persons subject to consolidated supervision, is not permitted. [OKOZ: 1. 05.00.00.00 Labor legislation and population employment / 05.02.00.00 Labor / 05.02.32.00 Qualification categories] Send comments on the document Listen to audio Get link to document element The procedure for assessing the qualifications and professional level of employees of the Central Bank is determined by it independently. Send comments on the document Listen to audio Get link to document element Chapter 5. Monetary Policy of the Central Bank Send comments on the document Listen to audio Get link to document element Article 26. Development and implementation of the monetary policy of the Central Bank [OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.03.00.00 Monetary system and money circulation. Inflation / 07.03.01.00 General issues; 2. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.06.00 Credit operations (see also 07.22.00.00)] Send comments on the document Listen to audio Get link to document element The Central Bank develops and implements monetary policy based on the goal of ensuring price stability through the following measures: Send comments on the document Listen to audio Get link to document element formation of forecasts of macroeconomic indicators, including inflation, as well as setting its target indicator; Send comments on the document Listen to audio Get link to document element development of the main directions of monetary policy for the coming year; Send comments on the document Listen to audio Get link to document element determination of target benchmarks for monetary indicators; Send comments on the document Listen to audio Get link to document element establishment of the refinancing rate and/or key rate, as well as interest rates on monetary operations of the Central Bank; LexUz Comment See Regulation on the procedure for providing refinancing credits to commercial banks by the Central Bank of the Republic of Uzbekistan (reg. No. 2201 dated 23.02.2011). Send comments on the document Listen to audio Get link to document element establishment of norms on mandatory reserves of banks in the Central Bank, as well as the averaging coefficient to the amount of mandatory reserves; Send comments on the document Listen to audio Get link to document element conducting operations for providing and withdrawing liquidity in the money market; Send comments on the document Listen to audio Get link to document element conducting interventions in the domestic foreign exchange market; Send comments on the document Listen to audio Get link to document element conducting the communication policy of the Central Bank. Send comments on the document Listen to audio Get link to document element Article 27. Main directions of monetary policy [OKOZ: 1. 01.00.00.00 Constitutional structure / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate (upper chamber) of the Oliy Majlis / 01.08.02.01 Competence of the Senate of the Oliy Majlis; 2. 01.00.00.00 Constitutional structure / 01.10.00.00 President of the Republic of Uzbekistan / 01.10.01.00 General provisions. Order of election. Termination of powers] Send comments on the document Listen to audio Get link to document element The Central Bank annually no later than thirty days before the start of the next financial year develops and informs the President of the Republic of Uzbekistan and the Senate of the Oliy Majlis of the Republic of Uzbekistan about the main directions of monetary policy for the coming year. Send comments on the document Listen to audio Get link to document element The main directions of monetary policy include the following information: Send comments on the document Listen to audio Get link to document element main principles of the conducted monetary policy; Send comments on the document Listen to audio Get link to document element review of economic development for the previous period; Send comments on the document Listen to audio Get link to document element prospects for economic development, forecast of main macroeconomic indicators, including inflation, balance of payments, and monetary indicators; Send comments on the document Listen to audio Get link to document element target indicators of inflation, main parameters and measures of monetary policy for the coming year, as well as an analysis of risks to achieving its goals. Send comments on the document Listen to audio Get link to document element The Central Bank publishes on its official website: Send comments on the document Listen to audio Get link to document element main directions of monetary policy — annually; Send comments on the document Listen to audio Get link to document element monetary policy reviews — quarterly; Send comments on the document Listen to audio Get link to document element main monetary indicators, including dynamics and structure of the money supply, statistical data on the banking system, generalized data on operations of the Central Bank — monthly. Send comments on the document Listen to audio Get link to document element The Central Bank provides the President of the Republic of Uzbekistan with quarterly information on monetary policy and the state of the banking sector. Send comments on the document Listen to audio Get link to document element Article 28. Target benchmarks for monetary indicators Send comments on the document Listen to audio Get link to document element Based on target indicators of inflation, the Central Bank may establish target benchmarks for the change of one or several monetary indicators. Send comments on the document Listen to audio Get link to document element Article 29. Interest rates on monetary operations of the Central Bank [OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.02.00 Credits of the Central Bank of the Republic of Uzbekistan, discount rate of the Central Bank of the Republic of Uzbekistan] Send comments on the document Listen to audio Get link to document element The Central Bank may establish one or several interest rates for various types of monetary operations. Send comments on the document Listen to audio Get link to document element
The Central Bank applies interest rate policy to influence market interest rate levels within its monetary policy framework.
The Central Bank publishes interest rates for monetary operations on its official website.
Article 30. Mandatory Reserve Requirements
Within the framework of conducting monetary policy, the Central Bank establishes mandatory reserve ratios that banks must deposit with the Central Bank against their attracted liabilities.
The Central Bank approves the size of mandatory reserve requirements, the structure of bank liabilities against which reserves are deposited, the calculation and reservation procedure, as well as the averaging coefficient for mandatory reserves.
Mandatory reserve ratios are identical for all banks.
Mandatory reserves are maintained by depositing bank funds into special accounts at the Central Bank and/or by maintaining an averaged amount of mandatory reserves on a correspondent account opened at the Central Bank, calculated based on the size of the averaging coefficient for mandatory reserves.
The averaging coefficient for mandatory reserves is a numerical multiplier whose value falls within the range from 0 to 1.
Changes to minimum reserve requirements enter into force no earlier than one month after the date such a decision is adopted.
Recovery of action against mandatory reserves deposited by banks in accounts at the Central Bank is not permitted.
Article 31. Operations for Providing and Withdrawing Liquidity in the Money Market
The Central Bank conducts operations for providing and withdrawing liquidity in the money market to influence market interest rate levels, as well as to maintain and regulate the liquidity of the banking system. These operations include:
- collateralized loans;
- swap operations;
- open market operations;
- special refinancing mechanisms;
- deposit operations;
- issuance of Central Bank bonds.
See previous edition.
Operations provided for in part one of this article may also include other instruments, including instruments corresponding to Islamic finance standards (hereinafter referred to as Islamic financial instruments), defined by the Central Bank taking into account generally accepted international practice.
Commentary LexUz: Unofficial translation. Part two of Article 31 in the edition of the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date — June 29, 2026.
Article 32. Collateral for Central Bank Loans
Collateral for Central Bank loans may consist of:
- currency values included in the category of international reserves of the Central Bank of the Republic of Uzbekistan;
- government securities of the Republic of Uzbekistan;
- claims under bank loans;
- debt instruments and other valuables, as well as guarantees and bank guarantees, the list of which is determined by the Central Bank taking into account their liquidity and generally accepted international practice.
The Central Bank publishes the terms of lending to banks on its official website.
Article 33. Emergency Liquidity Support for Commercial Banks
See previous edition.
The Central Bank has the right to provide emergency liquidity support in the form of short-term loans with a term of up to six months to solvent and stable commercial banks to ensure uninterrupted payments in the event of a temporary liquidity deficit. The interest rate on these loans must be no less than the existing rates for other Central Bank loans, and they must be secured by the bank's assets.
To obtain emergency support loans, a commercial bank must submit to the Central Bank a plan of measures for the timely repayment of the loan and restoration of liquidity conditions.
In special cases where there is a threat to the stability of the country's financial system, the Board of the Central Bank may approve the provision of a loan for a term of up to one year at a relatively high interest rate.
Unofficial translation. Text of Article 33 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek.
See previous edition.
The Central Bank has the right to use Islamic financial instruments for emergency liquidity support of banks engaged in Islamic banking activities.
Commentary LexUz: Unofficial translation. Article 33 was supplemented by part four by the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date — June 29, 2026.
Article 34. Open Market Operations of the Central Bank
To influence market interest rate levels and liquidity in the banking system, the Central Bank may buy and sell on the open market:
- government securities of the Republic of Uzbekistan, as well as debt obligations in the form of bonds issued by the Central Bank itself;
- other securities by decision of the Central Bank.
The Central Bank is not entitled to use open market operations to finance the State Budget or to purchase government securities of the Republic of Uzbekistan upon their primary placement.
The limit of the Central Bank's open market operations is determined by the Central Bank.
Commentary LexUz: See the Regulation on the procedure for concluding and executing REPO transactions with government securities of the Republic of Uzbekistan (reg. No. 1829 dated 18.06.2008).
Article 35. Bonds of the Central Bank
The Central Bank issues bonds exclusively for the purpose of implementing monetary policy.
The procedure and conditions for the issuance, placement, circulation, and redemption of bonds are determined by the Central Bank.
Article 36. Foreign Exchange Interventions in the Domestic Foreign Exchange Market
Foreign exchange interventions of the Central Bank are carried out by buying and selling foreign currency in the domestic foreign exchange market to influence the aggregate demand and supply of money, as well as to smooth excessive fluctuations in the sum exchange rate.
Article 37. Participation of the Central Bank in the Money Market
The money market is a system for organizing and conducting trading (exchange and over-the-counter) for the placement and attraction of funds in national and foreign currencies.
The Central Bank determines the volumes, types, and locations of its operations in the money market.
Article 38. Banking Services for Clients by the Central Bank
See previous edition.
The Central Bank, in the manner and on the conditions provided by legislation, may carry out banking operations for servicing the main accounts of state authorities and bodies, including the Ministry of Defense, the Ministry of Internal Affairs, the Ministry of Emergency Situations, the State Security Service of the Republic of Uzbekistan, the State Security Service of the President of the Republic of Uzbekistan, the National Guard of the Republic of Uzbekistan, including the accounts of their military units, the Central Depository of Securities, as well as organizations subordinate to the Central Bank.
(Text of Article 38 in the edition of the Law of the Republic of Uzbekistan dated March 29, 2022 No. ZRU-760 — National Database of Legislation, 30.03.2022, No. 03/22/760/0249)
Chapter 6. Monetary System of the Republic of Uzbekistan and Organization of Cash Circulation
Article 39. Monetary System of the Republic of Uzbekistan
The monetary system of the Republic of Uzbekistan includes the monetary unit of the Republic of Uzbekistan, the organization and regulation of cash circulation.
The monetary unit of the Republic of Uzbekistan is the sum. One sum consists of one hundred tiyins.
The sum is the sole unlimited legal tender in the Republic of Uzbekistan.
Denominations of banknotes of the Republic of Uzbekistan are determined by the Central Bank.
The graphic designation of the sum in the form of a symbol is approved by the Central Bank.
The Central Bank organizes cash circulation on the territory of the Republic of Uzbekistan.
The ratio between the sum and gold or other precious metals is not established.
Article 40. Issuance of Banknotes into Circulation
The Central Bank has the exclusive right to issue banknotes into circulation as legal tender on the territory of the Republic of Uzbekistan. Banknotes are issued in the form of banknotes and coins, including those made of precious metals.
Banknotes in circulation are unconditional obligations of the Central Bank and are backed by all its assets.
Samples of banknotes, as well as their design, are approved by the Central Bank in coordination with the Council of the Senate of the Oliy Majlis of the Republic of Uzbekistan. The design of banknotes is the property of the Central Bank. Notices regarding the issuance into circulation of new samples of banknotes, as well as their descriptions, are published by the Central Bank in the media. The Central Bank and banks perform, upon request and without charging any fee or commission, the exchange of one denomination of banknotes for another.
Requirements for security elements of banknotes are established by the Central Bank.
The Central Bank of the Republic of Uzbekistan has the right to issue commemorative and memorial banknotes into circulation, including those made of precious metals.
The sale of banknotes for numismatic and collectible purposes may be carried out in the manner established by the Central Bank.
The Central Bank does not compensate for destroyed, lost, counterfeit, forged, and invalidated banknotes.
Counterfeiting and illegal manufacture of banknotes entail liability in accordance with the law.
Article 41. Manufacture and Storage of Banknotes
The Central Bank ensures the manufacture of banknotes, storage of banknotes not yet issued into circulation, storage and destruction of printing forms and inks, establishes rules for the storage, transportation, and collection of cash, as well as their destruction.
Article 42. Requirements for the Use of Banknotes in Circulation
Banknotes issued into circulation by the Central Bank are mandatory for acceptance throughout the territory of the Republic of Uzbekistan at their nominal value for all types of payments, as well as for crediting to accounts, deposits, and transfers.
Article 43. Damaged Banknotes
The Central Bank establishes and publishes the procedure for determining fitness for circulation and replacement of damaged banknotes.
Banks replace damaged banknotes without restriction in accordance with the rules established by the Central Bank.
Commentary LexUz: For additional information, see the Instruction on the organization of cash work, collection of cash revenue and other valuables in commercial banks (Reg. No. 3028, 29.06.2018).
Article 44. Withdrawal of Banknotes from Circulation
The Central Bank has the right to withdraw from circulation on the territory of the Republic of Uzbekistan any banknotes of the Republic of Uzbekistan. The basis for this is a published resolution of the Board of the Central Bank indicating the procedure and period for exchange.
After the expiration of the term established by the Central Bank for exchange, banknotes cease to be legal tender.
Article 45. Execution of Payments
Payments on the territory of the Republic of Uzbekistan are carried out in the form of cash or non-cash settlements.
Non-cash settlements on the territory of the Republic of Uzbekistan are carried out through banks.
Commentary LexUz: See the Resolution of the Board of the Central Bank of the Republic of Uzbekistan "On Approval of the Regulation on Non-Cash Settlements in the Republic of Uzbekistan" (reg. No. 3229 dated 13.04.2020).
Article 46. Ensuring the Functioning of Payment Systems
The Central Bank, in order to ensure the functioning of the payment system:
- defines and implements the strategy of the payment system;
- within its powers, develops and approves normative legal acts regulating the activities of payment organizations and payment system operators;
- establishes requirements for consumer protection in the payment services market;
- carries out regulation and supervision of the activities of payment organizations and payment system operators.
The Central Bank has the right to assist banks and payment organizations, payment system operators in organizing clearing settlement services for payments, including payment via bank cards and other payment instruments, determine the procedure for conducting such operations, and issue relevant directives.
Chapter 7. Currency Regulation and Currency Control, as well as Management of International Reserves
Article 47. Currency Regulation and Currency Control
The Central Bank is the state body for currency regulation and currency control.
The Central Bank, within its powers:
- develops and adopts normative legal acts on currency regulation;
- carries out regulation and control over the activities of banks regarding compliance with currency regulation legislation;
- carries out licensing and regulation of the activities of currency exchanges;
- establishes limits for open currency positions and other prudential norms for banks.
establishes the procedure for opening accounts in foreign currency; Submit comments on the document Listen to audio Get a link to the document element establishes the procedure for determining the exchange rate. LexUz Comment For additional information, see Article 7 of the Law of the Republic of Uzbekistan "On Currency Regulation" (new edition). Submit comments on the document Listen to audio Get a link to the document element Article 48. International Clearing and Payment Agreements [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.27.00.00 Currency regulation and currency control / 07.27.03.00 Currency transactions (deals) / 07.27.03.01 Current international operations] Submit comments on the document Listen to audio Get a link to the document element The Central Bank has the right to conclude clearing and payment agreements in its own name or on behalf of the Government of the Republic of Uzbekistan on behalf of the Republic of Uzbekistan, as well as any contracts with clearing institutions located outside the Republic of Uzbekistan. Submit comments on the document Listen to audio Get a link to the document element Article 49. International Reserves [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.27.00.00 Currency regulation and currency control / 07.27.13.00 Other issues of currency regulation] Submit comments on the document Listen to audio Get a link to the document element International reserves consist of the corresponding assets of the Central Bank and the Government of the Republic of Uzbekistan. Submit comments on the document Listen to audio Get a link to the document element The Central Bank forms international reserves on its balance sheet accounts, including: Submit comments on the document Listen to audio Get a link to the document element monetary gold; Submit comments on the document Listen to audio Get a link to the document element special drawing rights and the reserve position in the International Monetary Fund; Submit comments on the document Listen to audio Get a link to the document element foreign currency; Submit comments on the document Listen to audio Get a link to the document element securities issued or guaranteed by foreign governments, international financial organizations; Submit comments on the document Listen to audio Get a link to the document element other assets included in the composition of international reserves in accordance with international standards. Submit comments on the document Listen to audio Get a link to the document element The list of countries and international financial organizations whose obligations are included in international reserves is determined by the Central Bank. Submit comments on the document Listen to audio Get a link to the document element International reserves are maintained at a level sufficient to implement the monetary policy of the Central Bank, as well as to ensure settlements on international operations. Submit comments on the document Listen to audio Get a link to the document element Article 50. Operations in Foreign Currency [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.27.00.00 Currency regulation and currency control / 07.27.02.00 Currency values / 07.27.02.01 Foreign currency; 2. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.27.00.00 Currency regulation and currency control / 07.27.04.00 Settlements and payments in foreign currency] Submit comments on the document Listen to audio Get a link to the document element The Central Bank has the right to carry out operations in foreign currency within the territory of the Republic of Uzbekistan and abroad in accordance with legislation on currency regulation and taking into account generally accepted international practice. Submit comments on the document Listen to audio Get a link to the document element Chapter 8. Relations of the Central Bank with the Government of the Republic of Uzbekistan Submit comments on the document Listen to audio Get a link to the document element See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element Article 51. Interaction of the Central Bank with the Government of the Republic of Uzbekistan and the Financial Stability Council LexUz Comment Unofficial translation. The name of Article 51 in the edition Law of the Republic of Uzbekistan dated June 23, 2025 No. ZRU-1070. See the official text in Uzbek . Entry into force date — September 25, 2025. [ OKOZ: 1. 01.00.00.00 Constitutional structure / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)] Submit comments on the document Listen to audio Get a link to the document element The Central Bank and the Government of the Republic of Uzbekistan interact in the field of monetary and tax-budgetary policy. Submit comments on the document Listen to audio Get a link to the document element The Central Bank and the Government of the Republic of Uzbekistan are obliged to inform each other about proposed actions and achieved results significant for the economic policy of the Government of the Republic of Uzbekistan, and to hold regular consultations. Submit comments on the document Listen to audio Get a link to the document element In its activities, the Central Bank facilitates the implementation of the economic policy of the Government of the Republic of Uzbekistan without prejudice to its main goals. See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element The Central Bank and the Financial Stability Council interact on issues of ensuring the stability of the financial system through joint assessment of risk factors for financial stability, development, adoption, and implementation of a set of coordinated decisions aimed at preventing the occurrence of a systemic financial crisis and minimizing its consequences. LexUz Comment Unofficial translation. Part four of Article 51 in the edition Law of the Republic of Uzbekistan dated June 23, 2025 No. ZRU-1070. See the official text in Uzbek . Entry into force date — September 25, 2025. Submit comments on the document Listen to audio Get a link to the document element Article 52. Consultations on Borrowing by the State Sector Submit comments on the document Listen to audio Get a link to the document element The Government of the Republic of Uzbekistan consults with the Central Bank on issues of borrowing from internal and external lending sources in the upcoming financial year, including the amounts that will be paid as part of such borrowing, as well as the proposed terms and conditions for providing loans. The Ministry of Finance of the Republic of Uzbekistan reports to the Central Bank about all loans and credits obtained by the Republic of Uzbekistan and its state bodies. LexUz Comment Also, see Art. 9 of the Law of the Republic of Uzbekistan "On External Borrowing". Submit comments on the document Listen to audio Get a link to the document element Article 53. Functions of the Depository [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.07 Depository] Submit comments on the document Listen to audio Get a link to the document element The Central Bank may accept monetary funds and currency values of the Government of the Republic of Uzbekistan, as well as other state bodies, into deposit. As a depository, the Central Bank receives and issues monetary funds, keeps their accounts. The Central Bank may pay interest on the specified deposits. Submit comments on the document Listen to audio Get a link to the document element Article 54. Functions of the Fiscal Agent of the Government of the Republic of Uzbekistan Submit comments on the document Listen to audio Get a link to the document element The Central Bank, acting on terms agreed with the Ministry of Finance of the Republic of Uzbekistan, may act as a fiscal agent of the Government of the Republic of Uzbekistan and state management bodies in: Submit comments on the document Listen to audio Get a link to the document element placement of debt obligations (securities) issued by the Ministry of Finance of the Republic of Uzbekistan and other state bodies, registration of placement; Submit comments on the document Listen to audio Get a link to the document element payment of principal, interest, and other payments on debt obligations (securities); Submit comments on the document Listen to audio Get a link to the document element keeping accounts for debt obligations (securities) and executing payment operations on them; Submit comments on the document Listen to audio Get a link to the document element carrying out other operations on debt obligations (securities). Submit comments on the document Listen to audio Get a link to the document element The Central Bank consults the Ministry of Finance of the Republic of Uzbekistan on issues of the schedule and volume of issuance of state securities and repayment of state debt, taking into account their impact on the liquidity of the banking system and the priorities of monetary policy. Submit comments on the document Listen to audio Get a link to the document element Article 55. Exchange of Information Submit comments on the document Listen to audio Get a link to the document element The Government of the Republic of Uzbekistan and the Central Bank carry out a constant exchange of relevant statistical information in order to fulfill the tasks assigned to them. Submit comments on the document Listen to audio Get a link to the document element The Government, state power and management bodies of the Republic of Uzbekistan provide the Central Bank with economic information necessary for the performance of its functions. Submit comments on the document Listen to audio Get a link to the document element Chapter 9. Relations of the Central Bank with Credit Organizations Submit comments on the document Listen to audio Get a link to the document element Article 56. Liability for Obligations [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.10.00.00 Law of Obligations / 03.10.03.00 Liability for breach of obligations] Submit comments on the document Listen to audio Get a link to the document element The Central Bank and credit organizations do not bear liability for each other's obligations. Submit comments on the document Listen to audio Get a link to the document element Article 57. Bank Accounts at the Central Bank [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.11.00.00 Separate types of obligations / 03.11.16.00 Bank account; 2. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.02.00 Procedure for opening and maintaining bank accounts] Submit comments on the document Listen to audio Get a link to the document element The Central Bank has the right to maintain bank accounts and accept deposits from them. Submit comments on the document Listen to audio Get a link to the document element Article 58. Powers of the Central Bank in the Collection, Processing, Storage, and Dissemination of Statistical Data Submit comments on the document Listen to audio Get a link to the document element The Central Bank creates and maintains an information network for the needs of the banking system and for the exchange of statistical data with relevant state management bodies. Submit comments on the document Listen to audio Get a link to the document element The Central Bank, within its powers, agrees with relevant state management bodies on the rules for the collection, processing, storage, and dissemination of statistical data. Submit comments on the document Listen to audio Get a link to the document element To exercise its powers, the Central Bank has the right to request and receive information (including confidential information) from relevant state management bodies or directly from business entities in the manner established by legislation. LexUz Comment See: Resolution of the Cabinet of Ministers dated April 3, 2018 No. 263 "On measures to ensure the compilation of statistics on the external sector of the Republic of Uzbekistan", Resolution of the Cabinet of Ministers dated July 14, 2018 No. 445 "On Approval of the Regulation on the Procedure for Maintaining Statistical Reporting on the Formation of the Non-Banking and Other Financial Organizations Review", Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2018 No. 19/2 "On Approval of the Rules for Maintaining Statistical Reporting in Commercial Banks" (Reg. No. 3031 dated July 2, 2018). Submit comments on the document Listen to audio Get a link to the document element Article 59. Preferential Right of the Central Bank Submit comments on the document Listen to audio Get a link to the document element The Central Bank is granted a preferential right to satisfy its claims established by legislation at the expense of balances in the debtor's accounts and other of its assets at the Central Bank. LexUz Comment See: Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 22, 2011 No. 1/1 "On Approval of the Regulation on the Procedure for Providing Refinancing Credits by the Central Bank of the Republic of Uzbekistan to Commercial Banks" (Reg. No. 2201 dated February 23, 2011). Submit comments on the document Listen to audio Get a link to the document element The Central Bank may exercise its preferential right by withholding balances in accounts or selling other assets at a reasonable price, withholding the proceeds in the amount of the payment due to it after deducting sales expenses. Submit comments on the document Listen to audio Get a link to the document element See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element Chapter 10. Regulation and Supervision of the Activities of Credit Organizations, Payment Organizations, Payment System Operators, Currency Exchanges, Credit Bureaus, and Banking Groups LexUz Comment Unofficial translation. The name of Chapter 10 in the edition Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1057. See the official text in Uzbek . Submit comments on the document Listen to audio Get a link to the document element Article 60. Regulatory Functions of the Central Bank [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.20.00.00 Procedure for creation, reorganization, and liquidation of banks and credit organizations. Licensing of banking and credit activities. Permissive procedures] Submit comments on the document Listen to audio Get a link to the document element The Central Bank, in order to exercise regulatory functions, establishes: See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element the procedure and conditions for state registration of banks and credit bureaus; (paragraph two of part one of Article 60 in the edition Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, , 21.04.2022, No. 03/22/765/0332) Submit comments on the document Listen to audio Get a link to the document element the procedure for licensing types of activities for which licenses issued by the Central Bank are required; See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element the procedure for passing permissive procedures; (paragraph four of part one of Article 60 in the edition Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element the procedure for passing notification procedures; (part one of Article 60 supplemented by paragraph five Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Submit comments on the document Listen to audio Get a link to the document element the procedure and conditions for assessing potential acquirers of bank shares; Submit comments on the document Listen to audio Get a link to the document element additional requirements for foreign founders (shareholders) when creating a bank or participating in the authorized capital of a bank; Submit comments on the document Listen to audio Get a link to the document element the procedure for opening, accrediting, conducting, and terminating the activities of representative offices of banks of foreign states on the territory of the Republic of Uzbekistan; LexUz Comment For additional information, see Regulation on the procedure for accrediting representative offices of banks of foreign states on the territory of the Republic of Uzbekistan according to the appendix (reg. No. 1883 dated 23.12.2008). Submit comments on the document Listen to audio Get a link to the document element criteria for the sufficiency of management and financial position of banks for opening a subsidiary bank and creating a branch abroad; See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element the minimum size of the authorized fund (authorized capital) of payment organizations and payment system operators; (paragraph ten of part one of Article 60 in the edition Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) Submit comments on the document Listen to audio Get a link to the document element restrictions on transactions with related parties of banks, including on providing them with loans; See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element minimum requirements for information security and cybersecurity of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus; (paragraph twelve of part two of Article 60 in the edition Law of the Republic of Uzbekistan dated September 20, 2024 No. ZRU-964 — National Database of Legislation, 21.09.2024, No. 03/24/964/0736 — Enters into force on December 22, 2024) Submit comments on the document Listen to audio Get a link to the document element requirements for premises, their protection, equipment with technical means and software for credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus; Submit comments on the document Listen to audio Get a link to the document element the procedure for terminating activities and liquidation of banks, including in voluntary form; See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element the procedure and rules for the rehabilitation and liquidation of banks; LexUz Comment Unofficial translation. Part one of Article 60 supplemented by paragraph fifteen Law of the Republic of Uzbekistan dated June 23, 2025 No. ZRU-1070. See the official text in Uzbek . Entry into force date — September 25, 2025. See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element features of conducting audit of banks; (paragraph fifteen of part one of Article 60 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) Submit comments on the document Listen to audio Get a link to the document element the methodology for determining systemically important banks; Submit comments on the document Listen to audio Get a link to the document element the methodology for identifying factors affecting the deterioration of the financial position of banks and banking groups; See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element a special legal regime ("regulatory sandbox") for testing by legal entities of new financial transactions, technologies, and services in a limited controlled environment (coverage area, testing period, number and/or volume of transactions and services, number of consumers, and others); Submit comments on the document Listen to audio Get a link to the document element the procedure for microfinance organizations to perform the functions of a payment agent (sub-agent) or agent of banks, insurance, and other financial organizations; Submit comments on the document Listen to audio Get a link to the document element the procedure for microfinance organizations to provide Islamic financing services; (part one of Article 60 supplemented by paragraphs eighteen, nineteen, and twenty Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, , 21.04.2022, No. 03/22/765/0332) See previous edition. Submit comments on the document Listen to audio Get a link to the document element See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element requirements for the accrual of interest on bank financial transactions, as well as the size of the markup and/or share of profit on Islamic financial transactions and their crediting to the bank's income and/or expense accounts; LexUz Comment Unofficial translation. Paragraph twenty-two of part one of Article 60 in the edition Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek . Entry into force date — June 29, 2026. Submit comments on the document Listen to audio Get a link to the document element features of changing the activities of credit organizations; (part one of Article 60 supplemented by paragraphs twenty-one and twenty-two Law of the Republic of Uzbekistan dated February 11, 2025 No. ZRU-1026 — National Database of Legislation, 12.02.2025, No. 03/25/1026/0131) Submit comments on the document Listen to audio Get a link to the document element other requirements based on the functions and powers assigned to the Central Bank. Submit comments on the document Listen to audio Get a link to the document element Information on issued licenses is subject to publication on the official website of the Central Bank and must be available for review. See previous edition. Submit comments on the document Listen to audio Get a link to the document element Submit comments on the document Listen to audio Get a link to the document element The Central Bank maintains state registers of banks and credit bureaus, registers of licenses issued to banks, payment organizations, payment system operators, currency exchanges, credit bureaus, registers of organizations carrying out the activities of a microfinance organization, register of organizations for refinancing mortgages, register of organizations for providing guarantees, register of factoring organizations, register of pawnshops, as well as registers of permissive documents and notifications. LexUz Comment Unofficial translation. Part three of Article 60 in the edition Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek . Submit comments on the document Listen to audio Get a link to the document element Article 61. Supervisory Functions of the Central Bank [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.15.00 Other operations and transactions] Submit comments on the document Listen to audio Get a link to the document element The Central Bank, in order to exercise supervisory functions, establishes: Submit comments on the document Listen to audio Get a link to the document element
mandatory rules for credit institutions regarding the conduct of financial transactions, maintenance of accounting records, preparation and submission of financial and supervisory reporting, including annual reporting, and submission of information necessary for risk assessment and supervision of their activities; Commentary LexUz See: Instruction on the procedure for maintaining accounting records and organizing accounting work in banks of the Republic of Uzbekistan (reg. No. 1834 dated July 11, 2008). Submit suggestions for the document Listen to audio Get reference from document element mandatory rules for payment organizations, payment system operators, currency exchanges, and credit bureaus regarding the conduct of activities and transactions; Submit suggestions for the document Listen to audio Get reference from document element procedure for obtaining the consent of the Central Bank for the distribution of profit by banks in cases provided for by the Law of the Republic of Uzbekistan "On Banks and Banking Activity"; Submit suggestions for the document Listen to audio Get reference from document element procedure for determining the boundaries (perimeter) and methods of consolidation; Submit suggestions for the document Listen to audio Get reference from document element procedure for the main bank of a banking group to submit consolidated reporting and information necessary for carrying out supervision of the activities of the banking group to the Central Bank; Submit suggestions for the document Listen to audio Get reference from document element procedure for participants in a banking group to provide the main bank of the banking group with information about their activities necessary for preparing consolidated reporting on the activities of the banking group; Submit suggestions for the document Listen to audio Get reference from document element requirements for internal control and risk management systems of banks and banking groups, as well as corporate governance in banks, including regarding the independence of members of the supervisory boards of banks; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element requirements for the creation in banks conducting Islamic banking activities of a management system corresponding to Islamic finance standards; Commentary LexUz Unofficial translation. Paragraph nine of part one of Article 61 was supplemented by the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date - June 29, 2026. See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element requirements for internal control to counter the legalization of proceeds obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction of credit organizations, payment organizations, payment system operators, and banking groups; (part one of Article 61 was supplemented by paragraph nine by the Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Submit suggestions for the document Listen to audio Get reference from document element requirements for the content and update, procedure for submission and evaluation of plans for restoring the financial position of banks and banking groups; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element procedure for calculating and permissible values of prudential standards for banks, including systemically important banks, and banking groups, microfinance organizations, mortgage refinancing organizations, guarantee provision organizations, and factoring organizations; Commentary LexUz Unofficial translation. Paragraph eleven of part one of Article 61 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek. Submit suggestions for the document Listen to audio Get reference from document element additional add-ons to the values of liquidity and capital adequacy coefficients of banks, systemically important banks, and banking groups; Submit suggestions for the document Listen to audio Get reference from document element procedure for determining the base level of remuneration values, including any interest and non-interest payments paid to depositors — natural persons, income in kind, as well as the maximum level of deviation of remuneration values under bank deposit contracts from their base level; Commentary LexUz See: Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 23, 2023 No. 27/4 "On Approval of the Regulation on the Procedure for Calculating Interest Rates in Commercial Banks" (registry number 3460, 29.09.2023). Submit suggestions for the document Listen to audio Get reference from document element procedure for carrying out temporary administration in banks; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element procedure for conducting assessments, criteria for compliance with qualification requirements, as well as the procedure for coordinating members of the supervisory board, the board of directors, and key personnel of banks, as well as members of the Council on Islamic Finance, which coordinates issues of Islamic finance of banks conducting Islamic banking activities (hereinafter — the Bank's Council on Islamic Finance). Commentary LexUz Unofficial translation. Paragraph sixteen of part one of Article 61 in the edition of the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek. Entry into force date - June 29, 2026. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.15.00 Bank Deposit] Submit suggestions for the document Listen to audio Get reference from document element For the exercise of supervisory functions, the Central Bank has the right: Submit suggestions for the document Listen to audio Get reference from document element to request and verify reporting, as well as other documents, require explanations of information received from credit organizations, affiliated persons, payment organizations, payment system operators, currency exchanges, credit bureaus, and banking groups, persons providing services and operations outsourced by banks, and associations (unions) of credit organizations; Submit suggestions for the document Listen to audio Get reference from document element to conduct inspections (audits) of credit organizations, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, and persons subject to consolidated supervision; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element to establish requirements for internal audit of banks, microfinance organizations, mortgage refinancing organizations, credit bureaus, guarantee provision organizations, and factoring organizations; Commentary LexUz Unofficial translation. Paragraph four of part two of Article 61 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek. See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element to establish maximum values of interest rates and payments for consumer loans and microloans provided by banks and microfinance organizations, as well as for pawnshop loans; (paragraph five of part two of Article 61 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element to determine the size of additional contributions to the calendar contribution paid quarterly by banks to the Deposit Guarantee Fund; (paragraph six of part two of Article 61 in the edition of the Law of the Republic of Uzbekistan dated February 18, 2025 No. ZRU-1031 — National Database of Legislation, 19.02.2025, No. 03/25/1031/0160) Submit suggestions for the document Listen to audio Get reference from document element to define conditions and procedures for writing off bad assets; Submit suggestions for the document Listen to audio Get reference from document element to establish forms of reporting and methodology for its preparation, frequency, and deadlines for submission for credit organizations and credit bureaus; Submit suggestions for the document Listen to audio Get reference from document element to require a bank to submit consolidated reporting; Submit suggestions for the document Listen to audio Get reference from document element to send banks and main banks of banking groups a requirement to develop and submit recovery plans providing for measures to restore financial position in case of deterioration; Submit suggestions for the document Listen to audio Get reference from document element to send mandatory orders for execution to credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus to eliminate violations identified in their activities, including eliminating causes leading to violation of the rights of consumers of credit organization services; Submit suggestions for the document Listen to audio Get reference from document element to request and obtain information about the financial position and business reputation of direct and indirect owners of shares of banks, including ultimate beneficial owners; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element to impose qualification requirements on heads and chief accountants of payment organizations, payment system operators, currency exchanges, and credit bureaus, as well as to determine the specifics of appointment and dismissal of these persons. (paragraph thirteen of part two of Article 61 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) Submit suggestions for the document Listen to audio Get reference from document element Article 62. Measures to Protect the Rights of Consumers of Credit Organization Services [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.06.00 Credit Operations (see also 07.22.00.00)] Submit suggestions for the document Listen to audio Get reference from document element To perform functions to protect the rights of consumers of credit organization services, the Central Bank takes the following measures: Submit suggestions for the document Listen to audio Get reference from document element establishes the procedure for disclosure of information about services provided by credit organizations; Submit suggestions for the document Listen to audio Get reference from document element identifies systemic deficiencies in the activities of credit organizations that lead to violation of the rights of consumers of their services, and takes measures to prevent them; Submit suggestions for the document Listen to audio Get reference from document element applies measures and sanctions against credit organizations that have violated the rights of consumers of their services; Submit suggestions for the document Listen to audio Get reference from document element consults and assists in restoring the violated rights of consumers of credit organization services; Submit suggestions for the document Listen to audio Get reference from document element takes measures to increase the accessibility of financial services and the level of financial literacy of the population and business entities. Submit suggestions for the document Listen to audio Get reference from document element The Central Bank determines and publishes indicators of financial accessibility on its official website, taking into account international experience and the specifics of the financial market of the Republic of Uzbekistan. Submit suggestions for the document Listen to audio Get reference from document element A service for the protection of rights and legitimate interests of consumers of credit organization services is established within the Central Bank. Submit suggestions for the document Listen to audio Get reference from document element The Central Bank has the right to conduct a control event during which employees of the Central Bank carry out actions to conclude a transaction or operations within the framework of the activities of a credit organization, for the purpose of checking the compliance of the credit organization with the requirements imposed on its activities when interacting with consumers of banking services. Submit suggestions for the document Listen to audio Get reference from document element The control event is conducted without prior notification of the credit organization. Submit suggestions for the document Listen to audio Get reference from document element Article 63. Application of Motivated Judgment by the Central Bank [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.21.00 Other Issues of Banking Activity] Submit suggestions for the document Listen to audio Get reference from document element Motivated judgment is a professional assessment applied by the Central Bank, in addition to the requirements established by legislation, implying priority of factual or economic content over formal content of the issue under consideration. Submit suggestions for the document Listen to audio Get reference from document element Decision-making based on motivated judgment falls within the competence of the Banking Supervision Committee of the Central Bank. Submit suggestions for the document Listen to audio Get reference from document element The Central Bank has the right to use motivated judgment for: Submit suggestions for the document Listen to audio Get reference from document element evaluating the financial position and business reputation of direct and indirect founders and shareholders of a bank, including ultimate beneficial owners, when issuing (refusing to issue) preliminary permission for the creation of a bank, permissive documents, as well as when exercising regulatory and supervisory functions by the Central Bank; Submit suggestions for the document Listen to audio Get reference from document element determining persons acting jointly with respect to a credit organization; Submit suggestions for the document Listen to audio Get reference from document element determining persons associated with a credit organization and establishing facts of the credit organization concluding transactions on more favorable terms; Submit suggestions for the document Listen to audio Get reference from document element evaluating the quality of the risk management and internal control system in a credit organization for the presence and implementation of effective internal policies; Submit suggestions for the document Listen to audio Get reference from document element evaluating assets and liabilities, including for their compliance with regulatory legal acts of the Central Bank on risk management in a credit organization. Submit suggestions for the document Listen to audio Get reference from document element Motivated judgment is based on information received within the framework of the Central Bank's supervision of the activities of credit organizations and banking groups, other information received from individuals and legal entities, international organizations, state bodies, including foreign supervisory bodies and organizations, and other available sources that are essential for forming motivated judgment. Submit suggestions for the document Listen to audio Get reference from document element The procedure for forming and using motivated judgment is determined by the Central Bank and is based on the principles of legality, justification, objectivity, and uniform approach. Submit suggestions for the document Listen to audio Get reference from document element Article 64. Exercise of Regulatory and Supervisory Functions by the Central Bank [ OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.04.00.00 Auditing Activity / 09.04.01.00 General Provisions; 2. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.01.00 General Provisions of Creation and Organization of Exchange Activities. Specialization of Exchanges] Submit suggestions for the document Listen to audio Get reference from document element Regulatory and supervisory functions of the Central Bank are exercised by the Banking Supervision Committee of the Central Bank. Submit suggestions for the document Listen to audio Get reference from document element Tasks, powers, and functions of the Banking Supervision Committee of the Central Bank are established by the Central Bank. Submit suggestions for the document Listen to audio Get reference from document element Inspection (audit) of the activities of credit organizations, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, and persons subject to consolidated supervision is carried out by authorized employees of the Central Bank and auditors determined by the Central Bank. Submit suggestions for the document Listen to audio Get reference from document element The Central Bank has the right to require compliance with the regulatory legal acts of the Central Bank, including procedures and methodologies, by auditors during the internal audit of a bank, and to receive information directly from auditors related to the audit of the bank. Submit suggestions for the document Listen to audio Get reference from document element The Central Bank jointly with a specially authorized state body approves rules for internal control to counter the legalization of proceeds obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction, mandatory for credit organizations, payment organizations, and payment system operators. Submit suggestions for the document Listen to audio Get reference from document element Article 65. Issuance of Permissive Documents See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element The Central Bank issues permissive documents for the commission and/or implementation of the following actions and/or activities: Submit suggestions for the document Listen to audio Get reference from document element acquisition directly or indirectly by persons or a group of persons acting jointly of a share in the charter capital of a bank, which as a result of one or several transactions will constitute: Submit suggestions for the document Listen to audio Get reference from document element
- five percent or more, but not more than twenty percent; Submit suggestions for the document Listen to audio Get reference from document element
- twenty percent or more, but not more than fifty percent; Submit suggestions for the document Listen to audio Get reference from document element
- fifty percent or more; Submit suggestions for the document Listen to audio Get reference from document element receipt of bank shares in volumes provided for by paragraph two of this part, under circumstances independent of the recipient; Submit suggestions for the document Listen to audio Get reference from document element acquisition by a bank of shares of another bank; Submit suggestions for the document Listen to audio Get reference from document element acquisition by banks of their own shares; Submit suggestions for the document Listen to audio Get reference from document element opening by banks outside the Republic of Uzbekistan of subsidiary banks and representative offices, creation of branches, participation in the capital of banks, including creation of foreign banks; Submit suggestions for the document Listen to audio Get reference from document element withdrawal by banks outside the Republic of Uzbekistan of cash foreign and/or national currency; Submit suggestions for the document Listen to audio Get reference from document element transfer by a bank of certain types of services and operations to outsourcing; Submit suggestions for the document Listen to audio Get reference from document element reorganization of a bank; Submit suggestions for the document Listen to audio Get reference from document element voluntary liquidation of a bank; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element carrying out activities on mortgage loan refinancing; (paragraph fourteen of Article 65 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element carrying out the activities of a microfinance organization; See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element carrying out the activities of a guarantee provision organization; Submit suggestions for the document Listen to audio Get reference from document element carrying out the activities of a factoring organization; Commentary LexUz Unofficial translation. Article 65 was supplemented by paragraphs sixteen and seventeen by the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek. See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element acquisition directly or indirectly by physical and legal persons, including those acting jointly respectively with close relatives and persons associated with them, as well as non-residents, of a share in the charter fund (charter capital) of a non-bank credit organization, which as a result of one or several transactions will constitute twenty percent or more; Commentary LexUz Unofficial translation. Paragraph eighteen of Article 65 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek. See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element receipt of a share in the charter fund (charter capital) of a non-bank credit organization in the volume provided for by paragraph eighteen of this part, under circumstances independent of the recipient. Commentary LexUz Unofficial translation. Paragraph nineteen of Article 65 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek. See: previous edition. Submit suggestions for the document Listen to audio Get reference from document element Submit suggestions for the document Listen to audio Get reference from document element Article 65¹. Activities (actions) carried out in a notification procedure [ OKOZ:
03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.09.00 Representative Offices and Branches. Subsidiaries; 2. 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); 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Organizations / 07.23.02.00 Pawnshops] Submit suggestions for the document Listen to audio Get reference from document element To carry out the following types of activities (actions), it is required to notify the Central Bank about this: Submit suggestions for the document Listen to audio Get reference from document element
Obtaining a reference from a document element start or cessation of pawnshop activity; Submit a proposal to the document Listen to audio Obtaining a reference from a document element cash import of foreign and (or) national currency into the Republic of Uzbekistan; Submit a proposal to the document Listen to audio Obtaining a reference from a document element opening or closing a branch of a bank or a banking services office; Submit a proposal to the document Listen to audio Obtaining a reference from a document element reorganization of a payment organization (merger, accession, division, separation, transformation); Submit a proposal to the document Listen to audio Obtaining a reference from a document element start or cessation of electronic money issuance activities by an electronic money issuer; See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element opening or closing a branch of a microfinance organization; (paragraph seven of part one of Article 65 1 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element opening or closing a branch of a pawnshop; (part one of Article 65 1 was supplemented by paragraph eight by the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element opening or closing a branch of a factoring organization; Submit a proposal to the document Listen to audio Obtaining a reference from a document element acquisition, directly or indirectly, by individuals and legal entities, including those acting jointly respectively with close relatives and persons associated with them, as well as non-residents, of a share in the charter fund (charter capital) of a non-bank credit organization, which as a result of one or several transactions will constitute from ten to twenty percent. LexUz Comment Unofficial translation. Part one of Article 65 1 was supplemented by paragraphs nine and ten by the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek . Submit a proposal to the document Listen to audio Obtaining a reference from a document element Engaging in the types of activities (actions) specified in part one of this article is prohibited without notification to the Central Bank. (Article 65 1 was introduced by the Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 66. Inspection (verification) of persons subject to supervision by the Central Bank Submit a proposal to the document Listen to audio Obtaining a reference from a document element Based on the results of risk assessments, the Central Bank conducts inspection, and at the request of law enforcement agencies, appeals from individuals and legal entities regarding facts of violations of legislation, may conduct verification on specific issues of credit organizations, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, as well as persons subject to consolidated supervision. LexUz Comment Submit a proposal to the document Listen to audio Obtaining a reference from a document element The procedure for carrying out inspection (verification) of the persons specified in part one of this article is determined independently by the Central Bank. Inspection (verification) is carried out without coordination and notification of state bodies and other organizations. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Banking Supervision Committee of the Central Bank determines the direction of the sphere of activity of the persons subject to supervision by the Central Bank being inspected (verified), based on the functions of the structural subdivisions of the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Application to persons subject to supervision by the Central Bank of measures and sanctions for hindering the performance of their supervisory functions does not exempt these persons from conducting inspection (verification). Submit a proposal to the document Listen to audio Obtaining a reference from a document element The powers of the subdivisions of the Central Bank carrying out inspection and verification, and the distribution of their responsibilities are determined by the Banking Supervision Committee of the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Employees from organizations subordinate to the Central Bank, as well as banks and other specialized organizations, may be involved in conducting inspection (verification). LexUz Comment See Regulation on the procedure for conducting inspection (verification) of commercial banks and their branches by the Central Bank of the Republic of Uzbekistan (reg. No. 2217 dated 14.04.2011) and Regulation on the procedure for conducting verification of credit unions, microcredit organizations and pawnshops by the Central Bank of the Republic of Uzbekistan (reg. No. 2209 dated 14.03.2011). See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 67. Measures and sanctions applied by the Central Bank See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank has the right to apply measures and sanctions to banks, direct and indirect shareholders, including ultimate beneficial owners, members of the supervisory board and management board, key personnel of banks, as well as members of the board on Islamic finance of banks, in accordance with the legislation on banks and banking activity. LexUz Comment Unofficial translation. Part one of Article 67 in the edition of the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek . Entry into force date — June 29, 2026. See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element In case of violation by non-bank credit organizations of legislative requirements, including established prudential standards, or submission to the Central Bank of false or unreliable information about compliance with requirements and conditions established for carrying out activities (actions) under the notification procedure, the Central Bank has the right to: Submit a proposal to the document Listen to audio Obtaining a reference from a document element send binding orders to the violator to eliminate identified violations in their activities; Submit a proposal to the document Listen to audio Obtaining a reference from a document element impose a fine of up to five percent of their own capital; Submit a proposal to the document Listen to audio Obtaining a reference from a document element restrict the conduct of certain operations for a period of up to three months; See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element exclude information about the non-bank credit organization respectively from the register of organizations carrying out microfinance organization activities, the register of mortgage refinancing organizations, the register of guarantee-providing organizations, the register of factoring organizations, or the register of pawnshops; LexUz Comment Unofficial translation. Paragraph five of part two of Article 67 in the edition of the Law of the Republic of Uzbekistan dated April 17, 2025 No. ZRU-1058. See the official text in Uzbek . Submit a proposal to the document Listen to audio Obtaining a reference from a document element suspend or cease activities carried out under the notification procedure. (part two of Article 67 in the edition of the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) Submit a proposal to the document Listen to audio Obtaining a reference from a document element In case of detection of a violation by credit organizations, payment organizations, payment system operators of legislation on combating the legalization of proceeds from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction, the Central Bank has the right to apply measures and sanctions against them in accordance with legislation. LexUz Comment Submit a proposal to the document Listen to audio Obtaining a reference from a document element The procedure for applying measures and sanctions to credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus is determined by the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank has the right to apply several measures and (or) sanctions simultaneously or sequentially for the same violation. (text of Article 67 in the edition of the Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 67 1 . Special legal regime in the field of financial services ('regulatory sandbox') Submit a proposal to the document Listen to audio Obtaining a reference from a document element A special legal regime in the field of financial services ('regulatory sandbox') is special regulation of the activities of legal entities to test new financial operations, technologies, and services in a limited controlled environment (coverage area, testing period, number and/or volume of operations and services, number of consumers, etc.). Submit a proposal to the document Listen to audio Obtaining a reference from a document element The procedure for introducing and canceling the special legal regime, and carrying out activities within this regime is established by the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The special legal regime is introduced by the Central Bank by approving a temporary order of the special legal regime, which provides for: Submit a proposal to the document Listen to audio Obtaining a reference from a document element the term of action of the special legal regime, which cannot exceed three years; Submit a proposal to the document Listen to audio Obtaining a reference from a document element norms of legislative acts that do not apply to participants of the special legal regime; Submit a proposal to the document Listen to audio Obtaining a reference from a document element procedures and criteria for evaluating the effectiveness and efficiency of introducing the special legal regime, including target indicators; Submit a proposal to the document Listen to audio Obtaining a reference from a document element other information necessary for the introduction and application of the special legal regime. Submit a proposal to the document Listen to audio Obtaining a reference from a document element After the expiration of the special legal regime, an analysis is conducted to determine the feasibility of implementing new financial operations, technologies, and services tested within the framework of the special legal regime. Submit a proposal to the document Listen to audio Obtaining a reference from a document element In case of recognition of the feasibility of implementing new financial operations, technologies, and services tested within the framework of the special legal regime, the Central Bank prepares proposals for amendments and additions to legislative acts for the implementation of new financial operations, technologies, and services tested within the framework of the special legal regime without limiting their duration. (Article 67 1 was introduced by the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 67 2 . Functions and powers of the Central Bank regarding the functioning of the deposit guarantee system in banks Submit a proposal to the document Listen to audio Obtaining a reference from a document element Regarding the functioning of the deposit guarantee system in banks, the Central Bank establishes: Submit a proposal to the document Listen to audio Obtaining a reference from a document element the procedure for banks to pay contributions to the Deposit Guarantee Fund; Submit a proposal to the document Listen to audio Obtaining a reference from a document element the procedure and conditions for the Agency for Deposit Guarantees to pay compensation for guaranteed deposits, including the list of documents submitted to receive compensation for guaranteed deposits, as well as requirements for their formatting; Submit a proposal to the document Listen to audio Obtaining a reference from a document element the procedure and conditions for informing the public about the deposit guarantee system. See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element In the event of a deficit of funds in the Deposit Guarantee Fund, the Central Bank may issue a loan or apply Islamic financial instruments to the Agency for Deposit Guarantees for a period of up to three months to ensure liquidity. LexUz Comment Unofficial translation. Part two of Article 67 2 in the edition of the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek . Entry into force date — June 29, 2026. See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element Chapter 10 1 . Board on Islamic Finance of the Central Bank Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 67 3 . Activities of the Board on Islamic Finance of the Central Bank Submit a proposal to the document Listen to audio Obtaining a reference from a document element A Board on Islamic Finance of the Central Bank is created within the Central Bank consisting of five members. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Board on Islamic Finance of the Central Bank is a collegial body coordinating Islamic financial activities carried out by persons who must be supervised by the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The activities of the Board on Islamic Finance of the Central Bank are carried out based on a regulation approved by the Board of Directors of the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Members of the Board on Islamic Finance of the Central Bank are appointed by the Board of Directors of the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The powers and regulations of the activities of the Board on Islamic Finance of the Central Bank, its legal status, as well as the requirements imposed on the members of this board, are established by the Board of Directors of the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 67 4 . Functions of the Board on Islamic Finance of the Central Bank Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Board on Islamic Finance of the Central Bank: Submit a proposal to the document Listen to audio Obtaining a reference from a document element develops Islamic financial standards; Submit a proposal to the document Listen to audio Obtaining a reference from a document element assists the Central Bank in developing draft regulatory legal acts on Islamic financial activity; Submit a proposal to the document Listen to audio Obtaining a reference from a document element provides explanations and comments on issues causing disputes in the sphere of Islamic finance; Submit a proposal to the document Listen to audio Obtaining a reference from a document element gives opinions on disputes related to Islamic financial activity. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Board on Islamic Finance of the Central Bank may perform other functions in accordance with the regulation approved by the Central Bank. LexUz Comment Unofficial translation. Chapter 10 1 was introduced by the Law of the Republic of Uzbekistan dated March 27, 2026 No. ZRU-1126. See the official text in Uzbek . Entry into force date — June 29, 2026. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Chapter 11. Final Provisions Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 68. International cooperation Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank maintains cooperation and carries out information exchange with international organizations, central banks, and other banking supervision and monetary policy authorities of foreign states. See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank has the right to conclude agreements on cooperation with national and foreign supervisory authorities, including on the exchange of confidential information. (part two of Article 68 in the edition of the Law of the Republic of Uzbekistan dated October 12, 2021 No. ZRU-721 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank has the right to disclose information received from a foreign state with the consent of the person who provided it and for the purposes for which the corresponding person gave consent. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 69. Communication policy of the Central Bank [ OKOZ: 1. 12.00.00.00 Information and Informatization / 12.03.00.00 Information Resources. Use of information resources / 12.03.08.00 Provision of information. Information services] Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank develops and implements a communication policy aimed at increasing the effectiveness of monetary policy and measures to ensure the stability of the banking system by bringing the goals and essence of the Central Bank's policy to the attention of the public. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The communication policy of the Central Bank is implemented through the publication of analytical materials, reviews, statistical data, interviews, speeches, as well as organizing press briefings and other methods taking into account accepted international practice. Submit a proposal to the document Listen to audio Obtaining a reference from a document element To ensure transparency of the banking system's activities, the Central Bank publishes and regularly updates the following information on its official website: Submit a proposal to the document Listen to audio Obtaining a reference from a document element texts of laws and other regulatory legal acts adopted in the field of banking supervision and regulation, and recommendations for their application; Submit a proposal to the document Listen to audio Obtaining a reference from a document element general criteria and methodologies used when checking systems, strategies, procedures, and mechanisms used by banks to comply with the requirements of legislation on banks and banking activity, and assessing risks to which banks are exposed or may be exposed; Submit a proposal to the document Listen to audio Obtaining a reference from a document element list of bank executives; Submit a proposal to the document Listen to audio Obtaining a reference from a document element data contained in bank reports, except for information constituting bank secrecy or other secrets protected by law; Submit a proposal to the document Listen to audio Obtaining a reference from a document element measures and sanctions taken. See previous edition. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 69 1 . Interaction of the Central Bank with state bodies and organizations within the framework of licensing, permitting, and notification procedures [ OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.01.00.00 Entrepreneurship Legislation / 09.01.06.00 Licensing of certain types of activities. Permitting procedures (see also 02.08.06.00) / 09.01.06.01 General provisions. Types of activities subject to licensing] Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank has the right to request information from state bodies and organizations necessary for making decisions within the framework of licensing, permitting, and notification procedures. Submit a proposal to the document Listen to audio Obtaining a reference from a document element State bodies and organizations must provide the information requested by the Central Bank necessary for making the corresponding decision. (Article 69 1 was introduced by the Law of the Republic of Uzbekistan dated April 20, 2022 No. ZRU-765 — National Database of Legislation, 21.04.2022, No. 03/22/765/0332) Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 70. Legal protection of Central Bank employees in the performance of duties Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank, its employees, external experts and temporary administrators, as well as other persons performing supervisory duties defined by this Law, including after the termination of their powers or completion of work in the Central Bank, are liable only for actions (omissions) committed dishonestly in the performance of their duties. Submit a proposal to the document Listen to audio Obtaining a reference from a document element The Central Bank pays costs for representing the interests of the persons specified in part one of this article in judicial and administrative proceedings initiated in connection with duties performed by these persons in accordance with this Law, including in cases of termination of their powers or completion of work in the Central Bank. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 71. Appeal of Central Bank decisions [ OKOZ: 1. 01.00.00.00 Constitutional Structure / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.03.00 Basic (Constitutional) Political Rights and Freedoms / 01.06.03.04 Right to address statements, proposals, and complaints; 2. 01.00.00.00 Constitutional Structure / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.07.00 Appeals of citizens to courts, other state bodies, and other organizations; 3. 02.00.00.00 Foundations of State Administration / 02.07.00.00 Administrative-Legal Regimes / 02.07.08.00 Appeals of individuals and legal entities] Submit a proposal to the document Listen to audio Obtaining a reference from a document element Decisions of the Central Bank may be appealed in the manner established by legislation. Submit a proposal to the document Listen to audio Obtaining a reference from a document element Article 72. Liability for violation of the legislation on the Central Bank of the Republic of Uzbekistan Submit a proposal to the document Listen to audio Obtaining a reference from a document element Persons guilty of violating the requirements of the legislation on the Central Bank of the Republic of Uzbekistan bear responsibility in the established manner.
(National database of legislation, 12.11.2019, No. 03/19/582/4014; 12.10.2021, No. 03/21/721/0952; 30.03.2022, No. 03/22/760/0249, 21.04.2022, No. 03/22/765/0332; 29.11.2023, No. 03/23/880/0905; 21.09.2024, No. 03/24/964/0736; 12.02.2025, No. 03/25/1026/0131; 19.02.2025, No. 03/25/1031/0160)