On Additional Measures to Enhance the Financial Stability of Commercial Banks and Develop Their Resource Base

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Document lost its force 01.08.2020

[
OKOB:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks]
[
TSZ:
1.
Finance / Banks and other credit institutions. Credits]

Decree of the President of the Republic of Uzbekistan

On Additional Measures to Enhance the Financial Stability of Commercial Banks and Develop Their Resource Base

This decree loses its force on August 1, 2020, based on the Decree of the President of the Republic of Uzbekistan dated July 8, 2020, No. PF-6021 "On introducing amendments to certain acts of the President of the Republic of Uzbekistan, as well as on recognizing some of them as having lost their force."

In order to further enhance the financial stability and reliability of the banking system, create favorable conditions for strengthening and developing the resource base of commercial banks, encourage their investment activity, and ensure an even higher level of organizing banking activities in accordance with generally accepted international norms and standards:

1. The comprehensive measures developed by the Central Bank of the Republic of Uzbekistan together with the Association of Banks of Uzbekistan and commercial banks of the country to further enhance the financial stability and liquidity of commercial banks and develop their resource base are approved in accordance with the Appendix,

• in which:

• The Appendix is provided in Russian

further improvement of regulatory requirements imposed on republican banks, including in the field of deposit and credit policy, in accordance with international norms and standards;

implementation of measures to attract idle funds of the population and economic entities into banking circulation on a wide scale by strengthening the resource base of commercial banks and introducing new attractive types of savings and deposits;

improvement of corporate governance methods in commercial banks, including methods of risk management and internal control, based on a deep study of the management organization system in leading foreign banks and financial institutions;

expansion of the scope and improvement of the quality of banking services provided through the wide implementation of advanced information and communication technologies, as well as the expansion of the cashless payment system using bank plastic cards.

Responsible executors — the Central Bank, commercial banks, ministries and departments — shall ensure the timely and high-quality execution of the measures provided for in the Package of Measures.

2. It is accepted for information that new standards and recommendations (Basel III standards) have been developed by the Basel Committee on Banking Supervision to further improve the regulatory requirements imposed on commercial banks, including new requirements for capital adequacy and liquidity indicators.

The Central Bank of the Republic of Uzbekistan:

shall ensure the phased implementation of the above-mentioned standards and recommendations of the Basel Committee on Banking Supervision (Basel III standards) in 2015–2019;

shall develop and approve, together with the Association of Banks and commercial banks, a mechanism for setting interest rates on deposits attracted by commercial banks, taking into account the Central Bank's refinancing rates, the consistent decrease in the inflation rate in subsequent years, and the stability of other macroeconomic indicators, within one month.

3. The validity period of the benefits granted to commercial banks for paying corporate income tax at differentiated rates depending on the share of long-term investment financing in the credit portfolio, as provided for in the Decree of the President of the Republic of Uzbekistan "On Additional Measures to Encourage Increasing the Share of Long-Term Credits Directed to Finance Investment Projects of Commercial Banks" dated July 28, 2009, No. PQ-1166, is extended until January 1, 2020.
   See previous edition.

4. Commercial banks and processing centers of retail payment systems are exempted from paying customs duties (excluding customs clearance fees) on the import of software, ATMs, and other equipment used for making payments through them, according to lists to be approved in the established procedure, until January 1, 2020.
   (Para. 4 of the Decree of the President of the Republic of Uzbekistan dated May 24, 2018, No. PF-5447 — National Database of Legislative Acts of the Republic of Uzbekistan, 25.05.2018, No. 06/18/5447/1269)

5. The Central Bank of the Republic of Uzbekistan, together with the Ministry of Justice and other interested ministries and departments, shall submit proposals to the Cabinet of Ministers within one month regarding amendments and additions to legislative acts arising from this decree.

6. Supervision over the execution of this decree is entrusted to the First Deputy Prime Minister of the Republic of Uzbekistan R. Azimov and the Chairman of the Central Bank of the Republic of Uzbekistan F. Mullajonov.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

May 6, 2015,
No. PQ-2344
(Collection of Legislation of the Republic of Uzbekistan, 2015, No. 18, Art. 217; 2017, No. 6, Art. 72; National Database of Legislative Acts, 25.05.2018, No. 06/18/5447/1269)