Regulatory Alerts2019-11-15 | ЎРҚ-582Added
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a new edition of the Law of the Republic of Uzbekistan 'On the Central Bank of the Republic of Uzbekistan' (No. 154-I), originally enacted on December 21, 1995. It establishes that the Central Bank ensures the execution of the law and its explanation to the population, while the Cabinet of Ministers is tasked with aligning government decrees and reviewing normative legal acts of state bodies to ensure compliance. The law entered into force on the day of its official publication.
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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 Uzb|Russian
[ 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 Organization, reorganization and liquidation of banks and credit institutions. Licensing of banking and credit activities. Permitting procedures] [ TSZ: 1. Finance / Banks and other credit institutions. Credits] Send suggestions for the document Listen to audio Get reference from document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element On 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 reference from 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 reference from document element Send suggestions for the document Listen to audio Get reference from document element Article 1. Amendments and additions are made to the Law of the Republic of Uzbekistan No. 154-I "On the Central Bank of the Republic of Uzbekistan" adopted on December 21, 1995 (Bulletin of the Supreme Assembly of the Republic of Uzbekistan, 1995, No. 12, Article 247; 1998, No. 9, Article 181; 1999, No. 5, Article 124; 2001, No. 1-2, Article 23; 2003, No. 1, Article 8; 2005, No. 1, Article 18; Bulletin of the Chambers of the Supreme Assembly of the Republic of Uzbekistan, 2006, No. 9, Article 496; 2007, No. 12, Article 608; 2009, No. 4, Article 133, Articles 330, 337, Article 470; 2012, No. 4, Article 105, Article 336; 2014, No. 5, Article 130, Article 343; 2015, No. 12, Article 452; 2018, No. 1, Article 1; 2019, No. 1, Article 5, No. 2, Article 47), and its new edition is approved (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 reference from document element Article 2. The Central Bank of the Republic of Uzbekistan shall ensure the execution of this Law, its delivery to executors, and its explanation to the population regarding its essence and importance. [ OKOZ: 1. 01.00.00.00 Constitutional System / 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 reference from document element Article 3. The Cabinet of Ministers of the Republic of Uzbekistan: Send suggestions for the document Listen to audio Get reference from document element shall align government decrees with this Law; Send suggestions for the document Listen to audio Get reference from document element shall ensure that state management bodies review and cancel their normative legal acts that contradict this Law. Send suggestions for the document Listen to audio Get reference from 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 reference from document element President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get reference from document element Tashkent, Send suggestions for the document Listen to audio Get reference from document element November 11, 2019, Send suggestions for the document Listen to audio Get reference from document element No. URQ-582 Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element LAW OF THE REPUBLIC OF UZBEKISTAN Send suggestions for the document Listen to audio Get reference from document element On the Central Bank of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element (new edition) Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Chapter 1. General Provisions Send suggestions for the document Listen to audio Get reference from 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 reference from 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 reference from document element Send suggestions for the document Listen to audio Get reference from document element Tasks of regulating relations included in the powers of the Central Bank of the Republic of Uzbekistan in a territory with a special legal regime established by the Constitutional Law of the Republic of Uzbekistan are carried out by a specially authorized body. Send suggestions for the document Listen to audio Get reference from document element Relations of participants in a territory with a special legal regime with banks and other organizations under the supervision of the Central Bank of the Republic of Uzbekistan are regulated by the Central Bank of the Republic of Uzbekistan together with the authorized body in the territory with a special legal regime. (Paragraphs 2 and 3 of Article 1 were supplemented based on the Law of the Republic of Uzbekistan No. URQ-1158 dated July 13, 2026 — National Database of Legislative Information, July 14, 2026, No. 03/26/1158/0727. Entry into force date — July 25, 2026) See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Article 2. Legislation on the Central Bank of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element Legislation on the Central Bank of the Republic of Uzbekistan consists of this Law and other legislative acts. (Article 2 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375)
Article 3. Legal Status of the Central Bank of the Republic of Uzbekistan
See previous edition.
The legal status, powers, functions, and organization of activities of the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank in the text) are determined by the Constitution of the Republic of Uzbekistan, this Law, and other legislative acts.
(Paragraph 1 of Article 3 in the edition of Law No. URQ-683 of April 21, 2021 of the Republic of Uzbekistan — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375)
[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.01.00 General Rules]
The Central Bank is a legal entity, it is the absolute property of the state, and it carries out its expenses from its own revenues.
The Central Bank makes decisions independently of other bodies of state power and management within the scope of its powers and functions.
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.
The Central Bank, as well as the organizations under its control, shall have a seal and letterhead with the image of the State Emblem of the Republic of Uzbekistan and its name written on them.
Article 4. Property of the Central Bank
[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.04.00.00 Objects of Civil Legislation / 03.04.03.00 Material Goods / 03.04.03.01 Movable and Immovable Property]
The property of the Central Bank consists of its monetary securities and other material valuables, the value of which is reflected in the balance sheet of the Central Bank.
[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.08.00.00 Property Rights and Other Real Rights / 03.08.02.00 Emergence and Termination of Property Rights]
The Central Bank has the right to own, use, and dispose of the property reflected in its balance sheet.
LexUZ Commentary See: Part II of the Civil Code of the Republic of Uzbekistan and the Law "On Ownership in the Republic of Uzbekistan".
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 Matters]
The main goals of the activities of the Central Bank:
ensuring the stability of prices; ensuring the stability of the banking system; ensuring the stability of the functioning of payment systems.
The activities of the Central Bank to ensure the stability of the banking system should not have a negative impact on price stability.
Making profit is not the goal of the Central Bank.
Article 6. Types of Activities Prohibited for the Central Bank
[OKOZ: 1. 01.00.00.00 Constitutional System / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)]
The Central Bank:
is not engaged in providing financial assistance to third parties, except for organizations under its control;
is not engaged in commercial activities;
is not entitled to provide guarantees for the obligations of third parties, including the Government of the Republic of Uzbekistan;
See previous edition.
is not entitled to participate in the capital of banks and the charter funds (charital capitals) of other legal entities, except for participation in the capital of the currency exchange, the Joint Stock Company "Central Depository for Securities" (hereinafter referred to as the Central Depository for Securities in the text), as well as organizations under its control that ensure the activities of the Central Bank.
(Paragraph 5 of Part 1 of Article 6 in the edition of Law No. URQ-1057 of April 17, 2025 of the Republic of Uzbekistan — National Database of Legislative Information, April 17, 2025, No. 03/25/1057/0351)
[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.07.00.00 Other Matters of the Budget System / 07.07.01.00 Consolidated Budget. Initiative Budget. Other Types of Budget; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.02.00 Loans of the Central Bank of the Republic of Uzbekistan, Interest Rate of the Central Bank of the Republic of Uzbekistan]
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 referred to as the State Budget in the text).
Article 7. Measures to Prevent Conflicts of Interest and Corruption
[OKOZ: 1. 16.00.00.00 Security and Law Enforcement / 16.04.00.00 Public Security / 16.04.12.00 Anti-Corruption]
The Central Bank develops and implements a policy on preventing, identifying, and managing conflicts of interest, as well as measures mandatory for all employees of the Central Bank and organizations under its control to prevent corruption.
Article 8. Accountability
[OKOZ: 1. 01.00.00.00 Constitutional System / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate of the Oliy Majlis (Upper Chamber) / 01.08.02.01 Powers of the Senate of the Oliy Majlis]
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]
The Senate of the Oliy Majlis of the Republic of Uzbekistan reviews the annual report of the Central Bank together with the opinion of an audit organization.
Article 9. Normative and Legal Acts of the Central Bank
The Central Bank adopts normative and legal acts within the scope of its powers that are mandatory for all physical and legal persons to execute on the territory of the Republic of Uzbekistan.
The normative and 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.
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]
The Central Bank is a single centralized management system.
The Central Bank has the right to establish organizations under its control to exercise its powers and perform its functions.
The Central Bank establishes territorial main directorates without legal entity status in the Republic of Karakalpakstan, regions, and the city of Tashkent.
Organizations under the control of the Central Bank carry out their activities on the basis of regulations (charters) approved by the Central Bank.
Chapter 2. Powers and Functions of the Central Bank
Article 11. Powers of the Central Bank
[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.16.00 Bank Accounts; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.02.00 Cash Money Emission, Organization and Regulation of Money Circulation. Inflation; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting 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 Maintaining 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 Loans of the Central Bank of the Republic of Uzbekistan, Interest 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 Regulation of Currency 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 Rules for the Organization of Exchange Activity and Their Activities. Specialization of Exchanges; 10. 09.00.00.00 Entrepreneurship and Economic Activity / 09.08.00.00 Purity Issues. 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 Missions]
The Central Bank:
establishes the rules for carrying out settlements in the Republic of Uzbekistan;
establishes the procedure for opening, maintaining, and closing customers' accounts in national and foreign currencies by banks;
introduces and withdraws currency signs from circulation on the territory of the Republic of Uzbekistan;
exercises the state's priority right to purchase refined gold to replenish assets in precious metals;
withdraws cast items made of precious metals from circulation;
establishes the procedure for purchasing and selling currency signs made of precious metals;
establishes the procedure for banks to carry out operations with precious metals;
provides short-term loans to banks, as well as loans for rapid liquidity support, in the order and on terms determined by it;
See previous edition.
uses justified reasoning in licensing bank activities, registering organizations carrying out the activities of microfinance organizations, factoring organizations, mortgage refinancing organizations, and guarantee organizations, as well as in regulating and supervising the activities of banks, organizations carrying out the activities of microfinance organizations, mortgage refinancing organizations, guarantee organizations, factoring organizations, pawnshops, and banking groups;
(Paragraph 10 of Part 1 of Article 11 in the edition of Law No. URQ-1058 of April 17, 2025 of the Republic of Uzbekistan — National Database of Legislative Information, April 18, 2025, No. 03/25/1058/0355)
LexUZ Commentary See: Regulation on Coordination and Regulation of Activities of Mortgage Refinancing Organizations (February 10, 2020, registration number 3219).
requests information necessary for exercising its powers from state bodies and organizations;
owns, uses, and disposes of the property reflected in its balance sheet;
establishes organizations under its control, including the currency exchange;
carries out financial operations, including providing banking services to foreign governments and central banks of other states;
represents the interests of the Republic of Uzbekistan within the scope of its powers in central banks of other states and international financial institutions;
opens missions in foreign countries;
carries out the issuance of bonds;
concludes clearing and payment agreements in its own name or on behalf of the Republic of Uzbekistan pursuant to the instructions of the Government of the Republic of Uzbekistan;
See previous edition.
carries out control measures, including remotely, to identify violations in banks, organizations carrying out the activities of microfinance organizations, mortgage refinancing organizations, guarantee organizations, factoring organizations, and pawnshops;
(Paragraph 19 of Part 1 of Article 11 in the edition of Law No. URQ-1058 of April 17, 2025 of the Republic of Uzbekistan — National Database of Legislative Information, April 18, 2025, No. 03/25/1058/0355)
establishes requirements for the depiction of images on banknotes and coins;
See previous edition.
opens accounts for banks, the Joint Stock Company "National Clearing Center" (hereinafter referred to as the National Clearing Center in the text), and the Central Depository for Securities;
(Paragraph 21 of Part 1 of Article 11 in the edition of Law No. URQ-1057 of April 17, 2025 of the Republic of Uzbekistan — National Database of Legislative Information, April 17, 2025, No. 03/25/1057/0351)
carries out activities in financial markets by outright (spot and forward) purchase and sale or by repurchase agreement, as well as by lending or attracting currencies and precious metals through market instruments;
See previous edition.
See previous edition.
takes measures to identify and prevent threats to information security and cybersecurity in the activities of microfinance organizations, pawnshops, mortgage refinancing organizations, guarantee organizations, factoring organizations (hereinafter referred to as non-bank credit organizations in the text), as well as banks, payment organizations, payment system operators, currency exchanges, and credit bureaus;
(Paragraph 23 of Part 1 of Article 11 in the edition of Law No. URQ-1058 of April 17, 2025 of the Republic of Uzbekistan — National Database of Legislative Information, April 18, 2025, No. 03/25/1058/0355)
carries out monitoring of the activities of credit institutions (hereinafter referred to as credit institutions in the text), payment organizations, payment system operators, currency exchanges, and credit bureaus to identify and prevent threats to information security and cybersecurity;
See previous edition.
establishes requirements for the information system security, cybersecurity, and IT auditing of electronic factoring platforms organized by persons who are not credit institutions, and carries out control over the fulfillment of these requirements;
(Paragraph 25 added to Part 1 of Article 11 pursuant to Law No. URQ-1058 of April 17, 2025 of the Republic of Uzbekistan — National Database of Legislative Information, April 18, 2025, No. 03/25/1058/0355)
establishes the procedure for timely information exchange with the Central Bank regarding cyber security incidents and threats identified in the activities of credit institutions, payment organizations, payment system operators, currency exchanges, and credit bureaus.
(Paragraphs 23, 24, and 25 added to Part 1 of Article 11 pursuant to Law No. URQ-964 of September 20, 2024 of the Republic of Uzbekistan — National Database of Legislative Information, September 21, 2024, No. 03/24/964/0736 — enters into force from December 22, 2024)
See previous edition.
See previous edition.
The Central Bank may also have other powers in accordance with legislation.
(Paragraph 2 of Article 11 in the edition of Law No. URQ-683 of April 21, 2021 of the Republic of Uzbekistan — National Database of Legislative Information, April 21, 2021, No. 03/21/683/0375)
Article 12. Functions of the Central Bank
[OKOZ: 1. 02.00.00.00 Fundamentals of State Management / 02.08.00.00 General Matters of State Management in the Sphere of Economy, Socio-Cultural Construction / 02.08.04.00 State Material Reserves; 2. 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 Matters; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.02.00 Cash Money Emission, Organization and Regulation of Money Circulation. Inflation; 4. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republic Budget / 07.05.01.00 General Rules; 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republic Budget / 07.05.08.00 State Debt; 6. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting 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 Institutions / 07.23.02.00 Pawnshops; 9. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.30.00.00 Combating the Legalization of Income Obtained from Criminal Activity and Financing of Terrorism / 07.30.01.00 Measures Directed at Combating the Legalization of Income Obtained from Criminal Activity and Financing of Terrorism]
The Central Bank:
develops and implements monetary-credit policy, including currency policy;
monitors, analyzes, and forecasts the inflation level in the Republic of Uzbekistan, and publishes relevant information materials and statistical data;
forms and publishes banking, monetary-credit statistics, including the balance of payments, international investment position, external debt, and reserve assets of the Republic of Uzbekistan, as well as external sector statistics;
annually submits information on economic and financial matters, including recommendations for preparing the draft State Budget of the Republic of Uzbekistan, to the Government of the Republic of Uzbekistan;
organizes cash money circulation;
car out currency regulation and currency control;
regularly establishes the exchange rate for the purposes of accounting, statistical reporting, and other reports on currency operations, as well as for calculating customs and other mandatory payments on the territory of the Republic of Uzbekistan;
The Central Bank:
Carries out the 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 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, and exercises control over such activities; (Paragraph 10 of Part One of Article 12, in the edition of Law of the Republic of Uzbekistan No. URQ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351)
See previous edition.
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Regulates and controls the activity of the Central Depository for Securities regarding the settlement of funds based on the results of transactions concerning securities; (Paragraph 11 of Article 12 was added based on the Law of the Republic of Uzbekistan No. URQ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351)
See previous edition.
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Issues documents with a licensing nature;
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Accepts notifications regarding the commencement and termination of activities (actions) carried out in a notification procedure; exercises control over notificants carrying out activities (actions) in a notification procedure; makes decisions on suspension, restoration, and termination of activities (actions); (Part One of Article 12 was supplemented with paragraphs 11 and 12 based on the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — National Database of Legislation, October 12, 2021, No. 03/21/721/0952)
See previous edition.
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Carries out the sanation of banks; (Part One of Article 12 was supplemented with paragraph 14 based on the Law of the Republic of Uzbekistan No. URQ-1070 dated March 25, 2025 — National Database of Legislation, June 24, 2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025)
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Independently carries out banking operations and other transactions necessary for performing the fiscal agent functions of the Government, or carries them out based on the order of the Government of the Republic of Uzbekistan;
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Takes measures to ensure the stable operation of payment systems in the Republic of Uzbekistan;
See previous edition.
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Conducts monitoring and control over compliance by persons subject to the control of the Central Bank with the procedure for submitting information related to internal control rules and combating the legalization of income obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction to the specially authorized state body; (Paragraph 15 of Part One of Article 12, in the edition of Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 — National Database of Legislation, April 21, 2022, No. 03/22/765/0332)
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Is the depository of the funds of the International Monetary Fund in the currency of the Republic of Uzbekistan; carries out operations and transactions, including operations and transactions provided for in 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, the transparency of financial services, and to increase the level of financial literacy of the population and business entities; (Paragraph 17 of Part One of Article 12, in the edition of Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — National Database of Legislation, September 21, 2024, No. 03/24/964/0736 — enters into force from December 22, 2024)
See previous edition.
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Identifies objects of critical information infrastructure of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus in coordination with the authorized state body in the field of cybersecurity; forms their registry and develops requirements for ensuring their cybersecurity;
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In accordance with the procedure established by the authorized state body in the field of cybersecurity, subjects the information systems and resources, as well as objects of critical information infrastructure, of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus to expertise regarding their compliance with cybersecurity requirements;
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Subjects the information objects of credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus to information security and cybersecurity audits;
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Maintains a rating of the level of provision 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 to credit organizations, payment organizations, payment system operators, currency exchanges, and credit bureaus regarding the prevention and (or) elimination of cybersecurity threats (including fraud involving bank cards) and adopts normative legal documents; (Part One of Article 12 was supplemented with paragraphs 18 through 22 based on the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — National Database of Legislation, September 21, 2024, No. 03/24/964/0736 — enters into force from December 22, 2024)
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Carries out the management, accounting, and storage of the international reserves of the Republic of Uzbekistan (hereinafter referred to as international reserves in the text), including the reserves of the Government of the Republic of Uzbekistan under the agreement.
See previous edition.
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The Central Bank may also perform other tasks in accordance with the legislation to achieve the purposes established by this Law. ( Part Two of Article 12, in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
Send suggestions for the document Listen to audio Get reference from document element Chapter 3. Financial Status of the Central Bank
Send suggestions for the document Listen to audio Get reference from document element Article 13. Authorized Capital of the Central Bank [OKOZ: 1. 01.00.00.00 Constitutional regime / 01.08.00.00 Supreme Assembly of the Republic of Uzbekistan / 01.08.02.00 Senate of the Supreme Assembly (upper chamber) / 01.08.02.01 Authority of the Senate of the Supreme Assembly]
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The amount of the authorized capital of the Central Bank is one trillion sum. The increase in the amount of the authorized capital is carried out based on the decision of the Senate of the Supreme Assembly of the Republic of Uzbekistan. LexUZ commentary [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.06 Pledge]
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The authorized capital of the Central Bank may not be transferred to other persons or used as collateral security.
Send suggestions for the document Listen to audio Get reference from document element Article 14. Determination and Distribution of Profit [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 State Budget / 07.05.02.00 State Budget Revenues; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 State Budget / 07.05.03.00 State Budget Expenditures]
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The profit of the Central Bank is determined for each financial year after the formation of reserves, the coverage of possible losses on doubtful and bad debts and other assets, the accounting of all revenues and expenses, as well as the actual valuation of assets and liabilities. LexUZ commentary See: "Regulation on Classification of Asset Quality in Commercial Banks and Formation of Reserves for Possible Losses on Assets and Their Use" (registry number 2696, July 14, 2015).
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Unrealized revenues and expenses arising from the revaluation of international reserves due to changes in foreign exchange rates or the value of precious metals are included in the revaluation fund for international reserves. Such unrealized revenues are not directed to the State Budget.
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The profit of the Central Bank is distributed in the procedure established by its Board of Directors, simultaneously with the approval of the annual report.
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Targeted reserves and funds may be formed by decision of the Board of Directors of the Central Bank.
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After the targeted reserves and funds are filled in the established procedure, the remaining part of the profit is directed to the revenue of the State Budget. If the sum of the authorized capital and total reserves is less than ten percent of the Central Bank's money in circulation and monetary liabilities defined as financial claims against the Central Bank, excluding liabilities to the Government of the Republic of Uzbekistan and international financial organizations, 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 part of the profit to the State Budget until the annual report is reviewed.
Send suggestions for the document Listen to audio Get reference from document element 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. The annual report, with the conclusion of an audit organization attached, is submitted no later than May 15 for consideration by the Senate of the Supreme Assembly of the Republic of Uzbekistan.
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The annual report of the Central Bank:
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includes an analysis of the state of the economy;
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the report on the activities of the Central Bank, including an explanation of monetary-credit policy and the state of the banking sector.
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The Central Bank publishes its annual report on its official website every year. LexUZ commentary [ OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.04.00.00 Audit Activity / 09.04.06.00 Features of Audit of Certain Organizations]
Send suggestions for the document Listen to audio Get reference from document element Article 16. Internal Audit of the Activities of the Central Bank
See previous edition.
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The 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. (Part One of Article 16, in the edition of Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation, April 18, 2025, No. 03/25/1058/0355)
See previous edition.
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An Audit Committee consisting of three independent members is established within the Central Bank. (Part Two of Article 16, in the edition of Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation, April 18, 2025, No. 03/25/1058/0355)
See previous edition.
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Members of the Audit Committee are appointed by the Board of Directors of the Central Bank. In this case, one of the independent members of the Board of Directors of the Central Bank must be the Chairman of the Audit Committee, and one member of the Audit Committee must have work experience in accounting or auditing. (Part Three of Article 16, in the edition of Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation, April 18, 2025, No. 03/25/1058/0355)
See previous edition.
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The powers and activity regulations of the Audit Committee, its legal status, as well as the requirements for its members are established by the Board of Directors of the Central Bank.
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Within the scope of powers granted by the Board of Directors of the Central Bank, the Audit Committee performs tasks to exercise control over the process of preparing financial reports and the activities of the internal audit service, monitor risk management and the effectiveness of internal control systems, and ensure the quality conduct of external audits. (Article 16 was supplemented with Parts Four and Five based on the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation, April 18, 2025, No. 03/25/1058/0355)
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The Audit Committee is accountable to the Board of Directors of the Central Bank in its activities.
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The internal audit of the activities of organizations under the jurisdiction of the Central Bank is conducted at least once a year.
Send suggestions for the document Listen to audio Get reference from document element 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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The external audit of the activities of the Central Bank is carried out annually by audit organizations in accordance with international audit standards.
See previous edition.
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Information obtained by the external auditor during the inspection of the activities of the Central Bank is confidential and may not be disclosed without the consent of the Central Bank. (Part Two of Article 17, in the edition of Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — National Database of Legislation, September 21, 2024, No. 03/24/964/0736 — enters into force from December 22, 2024)
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The requirements imposed on the audit organization conducting the external audit are established by the Central Bank.
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Send suggestions for the document Listen to audio Get reference from document element 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 divisions 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 defines the main directions of the activities of the Central Bank and manages it.
Send suggestions for the document Listen to audio Get reference from document element 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 persons.
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The Chairman of the Central Bank is the Chairman of the Board of Directors of the Central Bank. The Chairman of the Board of Directors of the Central Bank is appointed to and dismissed from office by the Senate of the Supreme Assembly of the Republic of Uzbekistan based on 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. [ OKOZ: 1. 01.00.00.00 Constitutional regime / 01.08.00.00 Supreme Assembly of the Republic of Uzbekistan / 01.08.02.00 Senate of the Supreme Assembly (upper chamber) / 01.08.02.04 Council of the Senate of the Supreme Assembly]
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The independent members of the Board of Directors of the Central Bank are approved by the Council of the Senate of the Supreme Assembly of the Republic of Uzbekistan based on the submission of the Chairman of the Central Bank.
Send suggestions for the document Listen to audio Get reference from document element 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 Labor Contract (Contract). Initial Trial Period at 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 Labor Contract (Contract) / 05.02.22.01 Termination of Labor 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 Remuneration for Labor / 05.03.01.00 General Issues; 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting 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-credit policy, including the volumes, limits, and norms of Central Bank operations for providing and withdrawing liquidity, interest rates on the Central Bank's monetary-credit operations, including the refinancing rate and (or) the key rate, the amounts of mandatory reserve requirements (mandatory reserve norms, the coefficient for averaging mandatory reserves), and the list of types of collateral for loans provided;
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approves the main directions of monetary-credit policy for the coming year;
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approves the normative legal documents of the Central Bank;
See previous edition.
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approves Islamic finance standards for credit organizations; (Based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026, paragraph 5 was added to Article 20 — National Database of Legislation, March 28, 2026, No. 03/26/1126/0279. 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 currency signs;
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determines the procedure for maintaining accounting, reporting, and economic activity of the Central Bank;
See previous edition.
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determines the procedure for calculating prudential norms for banks, including systemically important banks, as well as banking groups, microfinance organizations, mortgage refinancing organizations, guarantee organizations, and factoring organizations, and the permissible values of these norms; (Paragraph 8 of Article 20, in the edition of Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation, April 18, 2025, No. 03/25/1058/0355)
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approves rules for conducting financial operations and maintaining accounting for credit organizations;
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Approval of rules for preparing and submitting financial reports for credit organizations, banking groups, and credit bureaus, as well as their structure and content; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions on issuing, reissuing, and revoking licenses granting the right to conduct banking activities and the right to conduct Islamic banking activities; (Paragraph 12 of Article 20, in the edition of Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — National Database of Legislation, March 28, 2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts a decision on sanation of a bank; (Article 20 was supplemented with paragraph 12 based on Law of the Republic of Uzbekistan No. URQ-1070 dated March 25, 2025 — National Database of Legislation, June 24, 2025, No. 03/25/1070/0536. Effective date — September 25, 2025) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions on issuing, suspending, terminating, reissuing, and revoking licenses regarding the right to conduct activities of currency exchanges and credit bureaus; (Paragraph 12 of Article 20, in the edition of Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 — National Database of Legislation, April 21, 2022, No. 03/22/765/0332) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions on issuing, reissuing, and revoking licenses regarding the right to conduct activities of payment system operators and payment organizations; (Article 20 was supplemented with paragraph 13 based on Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — National Database of Legislation, October 12, 2021, No. 03/21/721/0952) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions on registering organizations conducting microfinance activities, mortgage refinancing organizations, guarantee organizations, and factoring organizations, as well as on removing information about them from the relevant registers; (Paragraph 14 of Article 20, in the edition of Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation, April 18, 2025, No. 03/25/1058/0355) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts a decision on registering the Central Securities Depository of Securities and the National Clearing Center; (Article 20 was supplemented with paragraph 15 based on Law of the Republic of Uzbekistan No. URQ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351) Send suggestions for the document Listen to audio Get a reference from the document element Approves the organizational structure of the Central Bank, the structure of the Central Bank's central apparatus, as well as the main directorates of the Karakalpakstan Republic, regions, and Tashkent city, and their staffing tables; Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions on the establishment, reorganization, and liquidation of organizations under the jurisdiction of the Central Bank; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions on the establishment and liquidation of the Central Bank's Islamic Finance Council (hereinafter referred to in the text as the Central Bank's Islamic Finance Council) coordinating issues related to Islamic finance activities at the Central Bank, as well as establishing requirements for its activities; (Article 20 was supplemented with paragraph 20 based on Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — National Database of Legislation, March 28, 2026, No. 03/26/1126/0279. Effective date — June 29, 2026) Send suggestions for the document Listen to audio Get a reference from the document element Approves the budget of expenses and revenues of the Central Bank; Send suggestions for the document Listen to audio Get a reference from the document element Reviews the annual and financial reports of the Central Bank; Send suggestions for the document Listen to audio Get a reference from the document element Approves the heads of structural subdivisions of the Central Bank and organizations under its jurisdiction; Send suggestions for the document Listen to audio Get a reference from the document element Hears reports and statements from the heads of structural subdivisions of the Central Bank and organizations under its jurisdiction; Send suggestions for the document Listen to audio Get a reference from the document element Approves the regulations and composition of the Credit Committee and the Banking Supervision Committee of the Central Bank; Send suggestions for the document Listen to audio Get a reference from the document element Hears reports and statements from the Credit Committee and the Banking Supervision Committee of the Central Bank; Send suggestions for the document Listen to audio Get a reference from the document element Reviews and approves the policy on preventing, identifying, and managing conflicts of interest in the conduct of the Central Bank's activities; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Establishes, in accordance with legislation, the procedure for hiring Central Bank employees, terminating employment contracts, terms of payment for their labor, as well as the procedure for obtaining loans by them; Send suggestions for the document Listen to audio Get a reference from the document element Adopts decisions within the framework of requirements established by legislation on issues of the banking system; ( Paragraphs 22 and 23 of Article 20, in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
Send suggestions for the document Listen to audio Get a reference from the document element Establishes the strategy for managing, accounting, and storing international reserves; Send suggestions for the document Listen to audio Get a reference from the document element Approves minimum requirements regarding the activities of credit organizations in their interactions with consumers of their services; Send suggestions for the document Listen to audio Get a reference from the document element Approves requirements regarding the activities of credit bureaus; Send suggestions for the document Listen to audio Get a reference from the document element Reviews and resolves other issues included in the powers of the Central Bank. Send suggestions for the document Listen to audio Get a reference from the document element Article 21. Meetings of the Central Bank Board [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural subdivisions and institutions] Send suggestions for the document Listen to audio Get a reference from the document element Meetings of the Central Bank Board are held at least once a month. Send suggestions for the document Listen to audio Get a reference from the document element Meetings of the Central Bank Board are convened by the Chairman of the Central Bank. Meetings may also be convened at the request of at least three members of the Central Bank Board. Send suggestions for the document Listen to audio Get a reference from the document element The Chairman of the Central Bank chairs the meetings of the Central Bank Board, or in his absence, the First Deputy Chairman or one of the Deputy Chairmen. Send suggestions for the document Listen to audio Get a reference from the document element A meeting of the Central Bank Board is quorate if at least two-thirds of the members of the Central Bank Board participate. Decisions of the Central Bank Board are adopted by a simple majority vote of the members present. In case of a tie, the vote of the presiding officer is decisive. Send suggestions for the document Listen to audio Get a reference from the document element Meetings of the Central Bank Board are, as a rule, held in closed session. Send suggestions for the document Listen to audio Get a reference from the document element Plans for holding open meetings of the Central Bank Board, including the agenda, place, and time of meetings, are published on the official website of the Central Bank. Send suggestions for the document Listen to audio Get a reference from the document element Meetings of the Central Bank Board are conducted in accordance with the regulations. Send suggestions for the document Listen to audio Get a reference from the document element The resolution of the Central Bank Board is adopted in the form of a decision. Send suggestions for the document Listen to audio Get a reference from the document element Article 22. Chairman of the Central Bank [ OKOS: 1. 01.00.00.00 Constitutional Order / 01.03.00.00 State Language; 2. 01.00.00.00 Constitutional Order / 01.08.00.00 Oliy Majlis of the Republic of Uzbekistan / 01.08.02.00 Senate of the Oliy Majlis (upper chamber) / 01.08.02.01 Powers of the Senate of the Oliy Majlis; 3. 01.00.00.00 Constitutional Order / 01.10.00.00 President of the Republic of Uzbekistan / 01.10.01.00 General issues. Election procedure. Termination of powers; 4. 01.00.00.00 Constitutional Order / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00); 5. 02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.02.00 Ministries; 6. 02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.03.00 Committees; 7. 02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspectorates and other departments; 8. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.21.00.00 Banking Activities / 07.21.21.00 Other issues of Banking Activities] Send suggestions for the document Listen to audio Get a reference from the document element The Chairman of the Central Bank: Send suggestions for the document Listen to audio Get a reference from the document element Directs the activities of the Central Bank and its Board, manages the bank's funds, is responsible for the fulfillment of tasks assigned to the Central Bank, and also acts on behalf of the Central Bank within the territory of the Republic of Uzbekistan and abroad without a power of attorney; Send suggestions for the document Listen to audio Get a reference from the document element Directs the internal audit service; Send suggestions for the document Listen to audio Get a reference from the document element Resolves issues of the activities of the Central Bank, except for issues included in the powers of the Central Bank Board according to this Law; Send suggestions for the document Listen to audio Get a reference from the document element Signs decisions of the Central Bank Board, adopts orders and directives; Send suggestions for the document Listen to audio Get a reference from the document element Takes actions regarding the prompt management of the activities and current operations of the Central Bank; Send suggestions for the document Listen to audio Get a reference from the document element Submits 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 suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element Acts on behalf of the Central Bank on all issues related to the activities of the Central Bank at the Oliy Majlis of the Republic of Uzbekistan, the Cabinet of Ministers of the Republic of Uzbekistan, ministries and departments, courts, banks and institutions, international and foreign organizations; (Paragraph 8 of Part 1 of Article 22, in the edition of Law of the Republic of Uzbekistan No. URQ-880 dated November 28, 2023 — National Database of Legislation, November 29, 2023, No. 03/23/880/0905) Send suggestions for the document Listen to audio Get a reference from the document element Delegates the resolution of certain issues to his deputies, heads of structural subdivisions of the central office, and heads of the main directorates of the Central Bank in the Karakalpakstan Republic, regions, and Tashkent city; Send suggestions for the document Listen to audio Get a reference from the document element Holds receptions of representatives of individuals and legal entities. Send suggestions for the document Listen to audio Get a reference from the document element The term of office of the Chairman of the Central Bank is five years. Send suggestions for the document Listen to audio Get a reference from the document element In the absence of the Chairman of the Central Bank, his duties are performed by the First Deputy Chairman or one of the Deputy Chairmen. Send suggestions for the document Listen to audio Get a reference from the document element Article 23. Grounds for dismissing the Chairman of the Central Bank from the position held Send suggestions for the document Listen to audio Get a reference from the document element The Chairman of the Central Bank may be dismissed from the position held on the following grounds: Send suggestions for the document Listen to audio Get a reference from the document element upon expiration of the term of office; Send suggestions for the document Listen to audio Get a reference from the document element upon his application indicating the reasons for dismissal from the position held; Send suggestions for the document Listen to audio Get a reference from the document element upon the entry into legal force of a court's guilty verdict against him; Send suggestions for the document Listen to audio Get a reference from the document element if, due to health reasons, he is unable to perform his official duties, based on the conclusion of the state medical commission; Send suggestions for the document Listen to audio Get a reference from the document element upon his death or declaration by a court decision as deceased; Send suggestions for the document Listen to audio Get a reference from the document element if he has committed actions unworthy of the position held, including gross violation of this Law and causing serious damage to the interests of the Central Bank. Send suggestions for the document Listen to audio Get a reference from the document element Article 24. Deputy Chairmen of the Central Bank Send suggestions for the document Listen to audio Get a reference from the document element The First Deputy Chairman and Deputy Chairmen 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 suggestions for the document Listen to audio Get a reference from the document element The First Deputy Chairman and Deputy Chairmen of the Chairman of the Central Bank may be dismissed from the position held on the following grounds: Send suggestions for the document Listen to audio Get a reference from the document element upon his application indicating the reasons for dismissal from the position held; Send suggestions for the document Listen to audio Get a reference from the document element upon the entry into legal force of a court's guilty verdict against him; Send suggestions for the document Listen to audio Get a reference from the document element if, due to health reasons, he is unable to perform his official duties, based on the conclusion of the state medical commission; Send suggestions for the document Listen to audio Get a reference from the document element upon his death or declaration by a court decision as deceased; Send suggestions for the document Listen to audio Get a reference from the document element if he has committed actions unworthy of the position held, including gross violation of this Law and causing serious damage to the interests of the Central Bank. Send suggestions for the document Listen to audio Get a reference from the document element In order to prevent, identify, and manage conflicts of interest in the performance of the tasks envisaged by this Law, the Chairman of the Central Bank must ensure the distribution of powers among his deputies, heads of independent structural subdivisions, including in the implementation of monetary policy, management of international reserves, and in the process of banking regulation, supervision, and inspection in the field of financial markets. Send suggestions for the document Listen to audio Get a reference from the document element Article 25. Employees of the Central Bank See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOS: 1. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.01.00.00 Employment and Population Employment / 05.01.02.00 Management in the field of Employment and Population Employment; 2. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.02.00.00 Labor / 05.02.22.00 Termination of Labor Contract (Contract) / 05.02.22.01 Termination of Labor Contract (Contract) at the initiative of the employee; 3. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.03.00.00 Payment for Labor / 05.03.01.00 General issues] Send suggestions for the document Listen to audio Get a reference from the document element The hiring of Central Bank employees, termination of employment contracts, terms of payment for their labor, and other labor relations are established by the Central Bank in accordance with legislation. ( Part 1 of Article 25, in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
[ OKOS: 1. 02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.01.00 General issues; 2. 03.00.00.00 Civil Legislation / 03.08.00.00 Property Rights 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 Activities / 07.21.00.00 Banking Activities / 07.21.16.00 Bank 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 Restricted Use Information / 12.03.05.02 Service and Commercial Secret; 5. 13.00.00.00 Education. Science. Culture / 13.02.00.00 Science / 13.02.01.00 General rules] Send suggestions for the document Listen to audio Get a reference from the document element The following are prohibited for Central Bank employees: Send suggestions for the document Listen to audio Get a reference from the document element engaging in any other type of paid activity, except for scientific and pedagogical activities; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element joining the supervisory boards of banks and economic entities, except for cases envisaged by law; (Paragraph 3 of Part 2 of Article 25, in the edition of Law of the Republic of Uzbekistan No. URQ-1031 dated February 18, 2025 — National Database of Legislation, February 19, 2025, No. 03/25/1031/0160) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element disclosing information constituting bank secrecy or other information with restricted use according to legislation, which became known to him in connection with the performance of his official duties, or using it for the benefit of third parties. ( Paragraph 4 of Part 2 of Article 25, in the edition of Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
Submitting comments on the document Listen to audio Get a reference from the document element It is prohibited to involve Central Bank employees in conducting financial and economic activity inspections of business entities, including credit institutions, payment institutions, payment system operators, currency exchanges, credit bureaus, persons carrying out services and operations outsourced by banks, as well as persons subject to consolidated supervision. [ OKON: 1. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.02.00.00 Labor / 05.02.32.00 Qualification Categories] Submitting comments on the document Listen to audio Get a reference from the document element The procedure for assessing the qualifications and professional level of Central Bank employees is determined independently by the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element Chapter 5. Monetary and Credit Policy of the Central Bank Submitting comments on the document Listen to audio Get a reference from the document element Article 26. Development and Implementation of the Monetary and Credit Policy of the Central Bank [ OKON: 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)] Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank develops and implements its monetary and credit policy through the following measures, guided by the goal of ensuring price stability: Submitting comments on the document Listen to audio Get a reference from the document element forming macroeconomic indicators, including inflation forecasts, as well as setting its target indicator; Submitting comments on the document Listen to audio Get a reference from the document element developing the main directions of monetary and credit policy for the coming year; Submitting comments on the document Listen to audio Get a reference from the document element setting target indicators for monetary and credit indicators; Submitting comments on the document Listen to audio Get a reference from the document element setting the refinancing rate and (or) the key rate, as well as the interest rates for the Central Bank's monetary and credit operations; LexUZ Commentary See: "Regulation on the Procedure for Granting Refinancing Loans to Commercial Banks by the Central Bank of the Republic of Uzbekistan" (registration number 2201, dated 23.02.2011). Submitting comments on the document Listen to audio Get a reference from the document element setting norms for mandatory reserves of banks at the Central Bank, as well as the averaging coefficient relative to the amount of mandatory reserves; Submitting comments on the document Listen to audio Get a reference from the document element carrying out operations to provide and withdraw liquidity in the money market; Submitting comments on the document Listen to audio Get a reference from the document element carrying out interventions in the domestic currency market; Submitting comments on the document Listen to audio Get a reference from the document element conducting the communication policy of the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element Article 27. Main Directions of Monetary and Credit Policy [ OKON: 1. 01.00.00.00 Constitutional System / 01.08.00.00 Supreme Assembly of the Republic of Uzbekistan / 01.08.02.00 Senate of the Supreme Assembly (upper chamber) / 01.08.02.01 Powers of the Senate of the Supreme Assembly; 2. 01.00.00.00 Constitutional System / 01.10.00.00 President of the Republic of Uzbekistan / 01.10.01.00 General Issues. Election Procedure. Termination of Powers] Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank develops the main directions of monetary and credit policy for the coming year at least thirty days before the start of the next financial year and informs the President of the Republic of Uzbekistan and the Senate of the Supreme Assembly of the Republic of Uzbekistan about this. Submitting comments on the document Listen to audio Get a reference from the document element The main directions of monetary and credit policy include the following information: Submitting comments on the document Listen to audio Get a reference from the document element the main principles of the conducted monetary and credit policy; Submitting comments on the document Listen to audio Get a reference from the document element an explanation of the development of the economy in the past period; Submitting comments on the document Listen to audio Get a reference from the document element the prospects for economic development, the forecast of the main macroeconomic indicators, including forecasts for inflation, the balance of payments, and monetary and credit indicators; Submitting comments on the document Listen to audio Get a reference from the document element target indicators for inflation for the coming year, the main parameters of monetary and credit policy, measures taken in the field of monetary and credit policy, as well as an analysis of the risks of achieving the goals of monetary and credit policy. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank publishes on its official website: Submitting comments on the document Listen to audio Get a reference from the document element annually — the main directions of monetary and credit policy; Submitting comments on the document Listen to audio Get a reference from the document element quarterly — explanations of monetary and credit policy; Submitting comments on the document Listen to audio Get a reference from the document element monthly — the main indicators of monetary and credit policy, including the dynamics and structure of the money supply, statistical data on the banking system, and summarized information on the operations of the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank submits quarterly information on the state of monetary and credit policy and the banking sector to the President of the Republic of Uzbekistan. Submitting comments on the document Listen to audio Get a reference from the document element Article 28. Target Indicators of Monetary and Credit Indicators Submitting comments on the document Listen to audio Get a reference from the document element Based on the target indicators for inflation, the Central Bank may set target indicators for the change in one or more monetary and credit indicators. Submitting comments on the document Listen to audio Get a reference from the document element Article 29. Interest Rates for Monetary and Credit Operations of the Central Bank [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.02.00 Loans of the Central Bank of the Republic of Uzbekistan, Referral Rate of the Central Bank of the Republic of Uzbekistan] Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank may set one or more interest rates for different types of monetary and credit operations. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank applies interest rate policy to influence market interest rate levels within the framework of the conducted monetary and credit policy. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank publishes interest rates for monetary and credit operations on its official website. Submitting comments on the document Listen to audio Get a reference from the document element Article 30. Mandatory Reserve Requirements Submitting comments on the document Listen to audio Get a reference from the document element Within the framework of implementing monetary and credit policy, the Central Bank sets norms for mandatory reserves that banks transfer to the Central Bank as depositors under liabilities attracted by banks. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank approves the amount of mandatory reserve requirements, the composition of banks' obligations to transfer reserves to the depositor, the calculation and reservation procedure, as well as the averaging coefficient for mandatory reserves. Submitting comments on the document Listen to audio Get a reference from the document element Norms for mandatory reserves are the same for all banks. Submitting comments on the document Listen to audio Get a reference from the document element Mandatory reserves are held by transferring funds from banks' special accounts at the Central Bank to the depositor and (or) by maintaining the averaged amount of mandatory reserves calculated based on the value of the averaging coefficient of mandatory reserves in a representative account opened at the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element The value of the averaging coefficient for mandatory reserves consists of a multiplier expressed as a number in the range from 0 to 1. Submitting comments on the document Listen to audio Get a reference from the document element Changes in minimum reserve requirement norms enter into force at least one month after the day such a decision is adopted. Submitting comments on the document Listen to audio Get a reference from the document element It is not permitted to attach collections to mandatory reserves transferred by banks to the depositor from accounts at the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element Article 31. Operations on Providing and Withdrawing Liquidity in the Money Market Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank carries out operations on 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: Submitting comments on the document Listen to audio Get a reference from the document element secured loans; Submitting comments on the document Listen to audio Get a reference from the document element "swap" operations; Submitting comments on the document Listen to audio Get a reference from the document element open market operations; Submitting comments on the document Listen to audio Get a reference from the document element special refinancing mechanisms; Submitting comments on the document Listen to audio Get a reference from the document element deposit operations; Submitting comments on the document Listen to audio Get a reference from the document element issuance of Central Bank bonds. Previous revision. Submitting comments on the document Listen to audio Get a reference from the document element Submitting comments on the document Listen to audio Get a reference from the document element Taking into account generally accepted international practice, the operations envisaged in the first part of this Article may also include other instruments determined by the Central Bank, including instruments consistent with Islamic finance standards (hereinafter in the text referred to as Islamic finance instruments). (The second part of Article 31 is in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — National Database of Legislative Information, March 28, 2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) Submitting comments on the document Listen to audio Get a reference from the document element Article 32. Collateral for Loans of the Central Bank [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.08.00 Operations of Banks with Securities; 2. 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 / 07.24.01.01 General Rules; 3. 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 Resources / 07.27.02.01 Foreign Currency] Submitting comments on the document Listen to audio Get a reference from the document element The following may serve as collateral for loans of the Central Bank: Submitting comments on the document Listen to audio Get a reference from the document element currency securities belonging to the category of international reserves of the Central Bank of the Republic of Uzbekistan; Submitting comments on the document Listen to audio Get a reference from the document element state securities of the Republic of Uzbekistan; Submitting comments on the document Listen to audio Get a reference from the document element rights to claim under bank loans; Submitting comments on the document Listen to audio Get a reference from the document element indebtedness instruments and other valuables, as well as guarantees and bank guarantees, the list of which is determined by the Central Bank taking into account liquidity and generally accepted international practice. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank publishes the terms of lending to banks on its official website. Submitting comments on the document Listen to audio Get a reference from the document element Article 33. Emergency Support for the Liquidity of Commercial Banks Previous revision. Submitting comments on the document Listen to audio Get a reference from the document element Submitting comments on the document Listen to audio Get a reference from the document element In the event of a temporary shortage of liquidity, to ensure the continuity of payments, the Central Bank has the right to provide emergency assistance in the form of short-term loans with a term of up to six months to solvent and stable commercial banks to maintain liquidity. The interest rate on these loans must not be lower than the current rates applicable to other loans of the Central Bank and must be secured by the bank's assets. Submitting comments on the document Listen to audio Get a reference from the document element To receive emergency support loans, a commercial bank must submit to the Central Bank a plan of measures for timely repayment of the loan and restoration of its liquidity position. Submitting comments on the document Listen to audio Get a reference from the document element In individual cases where there is a threat to the stability of the country's financial system, the Board of Directors of the Central Bank may approve granting a loan for a term of up to one year at a relatively higher interest rate. (The text of Article 33 is in the edition of the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislative Information, April 18, 2025, No. 03/25/1058/0355) Previous revision. Submitting comments on the document Listen to audio Get a reference from the document element Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank has the right to use Islamic finance instruments to provide emergency support for the liquidity of banks carrying out Islamic banking activities. (Article 33 was supplemented with a fourth part based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — National Database of Legislative Information, March 28, 2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) Submitting comments on the document Listen to audio Get a reference from the document element Article 34. Open Market Operations of the Central Bank Submitting comments on the document Listen to audio Get a reference from the document element To influence market interest rate levels and the level of liquidity in the banking system, the Central Bank may buy and sell in the open market: Submitting comments on the document Listen to audio Get a reference from the document element state securities of the Republic of Uzbekistan, as well as debt obligations in the form of bonds issued by the Central Bank itself; Submitting comments on the document Listen to audio Get a reference from the document element other securities determined by the decision of the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank is not entitled to use open market operations to finance the State Budget or to buy state securities of the Republic of Uzbekistan when they are placed in the primary market. Submitting comments on the document Listen to audio Get a reference from the document element The limit for open market operations of the Central Bank is determined by the Central Bank. LexUZ Commentary See: "Regulation on the Procedure for Concluding and Executing Repo Agreements with State Securities of the Republic of Uzbekistan" (registration number 1829, dated 18.06.2008). Submitting comments on the document Listen to audio Get a reference from the document element Article 35. Bonds of the Central Bank [ OKON: 1. 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 / 07.24.01.01 General Rules; 2. 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] Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank issues bonds only for the purpose of implementing monetary and credit policy. Submitting comments on the document Listen to audio Get a reference from the document element The procedure and terms for the issuance, placement, circulation, and withdrawal of bonds are determined by the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element Article 36. Currency Interventions in the Domestic Currency Market [ OKON: 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 Resources / 07.27.02.01 Foreign Currency] Submitting comments on the document Listen to audio Get a reference from the document element Currency interventions of the Central Bank are carried out in the domestic currency market by buying and selling foreign currency to influence the overall demand and supply for money, as well as to soften excessive changes in the sum exchange rate. Submitting comments on the document Listen to audio Get a reference from the document element Article 37. Participation of the Central Bank in the Money Market [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (see also 07.27.00.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.01.00 General Rules; 3. 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 Resources / 07.27.02.01 Foreign Currency] Submitting comments on the document Listen to audio Get a reference from the document element The money market is a system for organizing and conducting sales (on and off the exchange) of placing and attracting monetary funds in national and foreign currencies. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank determines the volumes, types, and places of conducting its operations in the money market. Submitting comments on the document Listen to audio Get a reference from the document element Article 38. Bank Services Provided by the Central Bank to Clients Previous revision. Submitting comments on the document Listen to audio Get a reference from the document element [ OKON: 1. 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; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.15.00 Other Operations and Agreements] Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank may carry out banking operations for providing services to the main accounts of state authorities and management bodies, including the Ministry of Defense, the Ministry of Internal Affairs, the Ministry of Emergency Situations, the State Security Service, the State Security Service of the President of the Republic of Uzbekistan, the National Guard of the Republic of Uzbekistan, including their military units, the Central Depository for Securities, as well as accounts of organizations under the jurisdiction of the Central Bank, in the manner and on the conditions provided by legislation. (The text of Article 38 is in the edition of the Law of the Republic of Uzbekistan No. URQ-760 dated March 29, 2022 — National Database of Legislative Information, March 30, 2022, No. 03/22/760/0249) [ OKON: 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] Submitting comments on the document Listen to audio Get a reference from the document element Chapter 6. Organization of the Monetary System and Money Circulation of the Republic of Uzbekistan Submitting comments on the document Listen to audio Get a reference from the document element Article 39. Monetary System of the Republic of Uzbekistan [ OKON: 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] Submitting comments on the document Listen to audio Get a reference from the document element The monetary system of the Republic of Uzbekistan includes the monetary unit of the Republic of Uzbekistan, the organization of money circulation, and its regulation. Submitting comments on the document Listen to audio Get a reference from the document element The monetary unit of the Republic of Uzbekistan is the sum. One sum consists of one hundred tiyin. Submitting comments on the document Listen to audio Get a reference from the document element The sum is the only unlimited legal tender in the Republic of Uzbekistan. Submitting comments on the document Listen to audio Get a reference from the document element The nominal value of the currency signs of the Republic of Uzbekistan is determined by the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element The graphic symbol in the form of a sign for the sum is approved by the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank organizes cash circulation in the territory of the Republic of Uzbekistan. Submitting comments on the document Listen to audio Get a reference from the document element No ratio is established between the sum and gold or between the sum and other precious metals. Submitting comments on the document Listen to audio Get a reference from the document element Article 40. Issuance of Currency Signs [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.02.00 Cash Emission, Organization and Regulation of Money Circulation. Inflation] Submitting comments on the document Listen to audio Get a reference from the document element The Central Bank has the exclusive right to issue currency signs as legal tender in the territory of the Republic of Uzbekistan. Currency signs are issued in the form of banknotes and coins, including in the form of precious metals. Submitting comments on the document Listen to audio Get a reference from the document element Currency signs in circulation are the strict liabilities of the Central Bank, and these currency signs are secured by all its assets. [ OKON: 1. 01.00.00.00 Constitutional System / 01.08.00.00 Supreme Assembly of the Republic of Uzbekistan / 01.08.02.00 Senate of the Supreme Assembly (upper chamber) / 01.08.02.04 Council of the Senate of the Supreme Assembly] Submitting comments on the document Listen to audio Get a reference from the document element Samples of currency signs, as well as their design, are approved by the Central Bank in agreement with the Council of the Senate of the Supreme Assembly of the Republic of Uzbekistan. The design of currency signs is the property of the Central Bank. Information about the issuance of new samples of currency signs, as well as their descriptions, is published by the Central Bank in the mass media. The Central Bank and banks carry out the free exchange of currency signs of one nominal value for another without any payment or commission fee upon request. Submitting comments on the document Listen to audio Get a reference from the document element Requirements for the security elements of currency signs are determined by the Central Bank. Submitting comments on the document Listen to audio Get a reference from the document element
The Central Bank has the right to issue commemorative and souvenir coins, including coins made of precious metals.
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The sale of coins for numismatic and collecting purposes may be carried out in the manner established by the Central Bank.
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The Central Bank does not replace destroyed, lost, counterfeit, forged, or legally invalidated coins.
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Counterfeiting and illegal production of coins entails liability in accordance with the law.
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Article 41. Production and Storage of Coins [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.14.00 Collection of Money and Other Valuables] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank ensures the production of coins, the storage of coins not yet issued, the storage and destruction of printing plates and inks, and establishes rules for the storage, transportation, collection, and destruction of cash.
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Article 42. Requirements for the Use of Coins in Circulation Send a proposal for the document Listen to audio Get a reference from the document element
Coins issued by the Central Bank must be accepted at their nominal value for all types of payments, as well as for transfers to accounts, deposits, and remittances throughout the territory of the Republic of Uzbekistan.
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Article 43. Damaged Coins Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank determines the fitness of coins for circulation and establishes and announces the procedure for exchanging damaged coins.
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Banks shall exchange damaged coins without restrictions in accordance with the rules established by the Central Bank.
LexUZ Commentary For additional information, see: "Instructions on Organizing Cash Work in Commercial Banks, Collecting Cash and Other Valuables" (registry number 3028, 29.06.2018).
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Article 44. Withdrawal of Coins from Circulation Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank has the right to withdraw any coins of the Republic of Uzbekistan from circulation within the territory of the Republic of Uzbekistan. For this purpose, a published decision of the Board of the Central Bank, specifying the exchange procedure and time, serves as the basis.
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Coins that should have been exchanged expire as a legal means of payment after the deadline established by the Central Bank for exchange has passed.
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Article 45. Making Payments [ OKOS: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.08 Cash Settlements; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.04.00 Non-cash Settlements] Send a proposal for the document Listen to audio Get a reference from the document element
Payments are made in the territory of the Republic of Uzbekistan in the form of cash or non-cash settlements.
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Non-cash settlements are carried out through banks within the territory of the Republic of Uzbekistan.
LexUZ Commentary See: Regulation on Non-cash Settlements in the Republic of Uzbekistan (registry number 3229, 04.13.2020).
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Article 46. Ensuring the Functioning of Payment Systems Send a proposal for the document Listen to audio Get a reference from the document element
For the purpose of ensuring the functioning of the payment system, the Central Bank:
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determines and implements the strategy of the payment system;
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develops and approves normative legal documents regulating the activities of payment organizations and payment system operators within its competence;
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establishes requirements for the protection of consumer rights in the payment services market;
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carries out regulation and supervision of the activities of payment organizations and payment system operators.
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The Central Bank has the right to assist banks and payment organizations, and operators of payment systems in organizing the provision of settlement and clearing services for payments, including through bank cards and other payment instruments, to establish the procedure for carrying out such operations, and to issue relevant instructions.
[ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.01.00 General Rules] Send a proposal for the document Listen to audio Get a reference from the document element
Chapter 7. Regulation and Control of Foreign Exchange, as well as Management of International Reserves Send a proposal for the document Listen to audio Get a reference from the document element
Article 47. Regulation and Control of Foreign Exchange [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Foreign Exchange Operations (see also 07.27.00.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.01.00 General Rules] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank is the state body for the regulation and control of foreign exchange.
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Within its competence, the Central Bank:
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develops and adopts normative legal documents on the regulation of foreign exchange;
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regulates and supervises the activities of banks regarding compliance with legislation on the regulation of foreign exchange; ( Article 47, third paragraph of the second part in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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licenses and regulates the activities of currency exchanges;
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establishes limits for open foreign exchange positions and other prudential norms for banks;
LexUZ Commentary Send a proposal for the document Listen to audio Get a reference from the document element
establishes the procedure for opening accounts in foreign currency;
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establishes the procedure for determining the exchange rate.
LexUZ Commentary For additional information, see: Article 7 of the Law of the Republic of Uzbekistan "On Foreign Exchange Regulation" (new edition).
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Article 48. International Clearing and Payment Agreements [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.03.00 Foreign Exchange Operations (Agreements) / 07.27.03.01 Current International Operations] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank has the right to conclude clearing and payment agreements, as well as any contracts, in its own name or on behalf of the Republic of Uzbekistan in accordance with the instructions of the Government of the Republic of Uzbekistan, with clearing institutions located outside the territory of the Republic of Uzbekistan.
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Article 49. International Reserves [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.13.00 Other Matters of Foreign Exchange Regulation] Send a proposal for the document Listen to audio Get a reference from the document element
International reserves consist of the relevant assets of the Central Bank and the Government of the Republic of Uzbekistan.
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The Central Bank forms international reserves in its balance sheet accounts, which include:
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monetary gold;
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Special Drawing Rights and reserve positions in the International Monetary Fund;
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foreign currency;
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securities issued or guaranteed by foreign governments and international financial organizations;
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other assets included in the composition of international reserves in accordance with international standards.
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The list of countries and international financial organizations whose liabilities are included in international reserves is established by the Central Bank.
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International reserves are maintained at a level sufficient to implement the monetary and credit policy of the Central Bank, as well as to ensure settlements on international operations.
[ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.04.00 Settlements and Payments in Foreign Currency] Send a proposal for the document Listen to audio Get a reference from the document element
Article 50. Operations in Foreign Currency Previous revision. Send a proposal for the document Listen to audio Get a reference from the document element
[ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.02.00 Foreign Exchange Resources / 07.27.02.01 Foreign Currency; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Foreign Exchange / 07.27.04.00 Settlements and Payments in Foreign Currency] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank has the right to carry out operations in foreign currency within and outside the territory of the Republic of Uzbekistan in accordance with the legislation on foreign exchange regulation and taking into account generally accepted international practice. ( The text of Article 50 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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Chapter 8. Relations of the Central Bank with the Government of the Republic of Uzbekistan Send a proposal for the document Listen to audio Get a reference from the document element
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Article 51. Cooperation of the Central Bank with the Government of the Republic of Uzbekistan and the Financial Stability Council (The title of Article 51 in the edition of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — National Database of Legislative Information, 24.06.2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025) [ OKOS: 1. 01.00.00.00 Constitutional System / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank and the Government of the Republic of Uzbekistan cooperate in the field of monetary credit and tax-budget policy.
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The Central Bank and the Government of the Republic of Uzbekistan must inform each other and hold regular consultations regarding planned actions and achieved results of the economic policy of the Government of the Republic of Uzbekistan that are of importance.
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The Central Bank, in its activities, assists in the implementation of the economic policy of the Government of the Republic of Uzbekistan without harming its main goals.
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The Central Bank and the Financial Stability Council cooperate on issues of ensuring the stability of the financial system by jointly assessing risk factors for financial stability, developing, adopting, and implementing a set of agreed decisions for the purpose of preventing the occurrence of systemic financial crisis and reducing its consequences. ( The fourth part of Article 51 in the edition of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — National Database of Legislative Information, 24.06.2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025)
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Article 52. Consultations on Issues of Attracting Funds to the State Sector Send a proposal for the document Listen to audio Get a reference from the document element
The Government of the Republic of Uzbekistan consults with the Central Bank on issues of attracting funds from internal and external sources of lending for the upcoming financial year, including the amounts to be paid within the framework of attracting such funds, as well as on the proposed terms and conditions for granting loans. The Ministry of Finance of the Republic of Uzbekistan informs the Central Bank about all debts and credits undertaken by the Republic of Uzbekistan and its state bodies.
LexUZ Commentary Also see: Article 9 of the Law of the Republic of Uzbekistan "On Attracting Funds from Abroad".
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Article 53. Depositary Functions [ OKOS: 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 Depositary] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank may accept funds and currency valuables of the Government of the Republic of Uzbekistan, as well as other state bodies, into deposit. The Central Bank receives and disburses funds as a depositary, and accounts for them. The Central Bank may pay interest on the aforementioned deposits.
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Article 54. Fiscal Agent Functions of the Government of the Republic of Uzbekistan Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank may act as a fiscal agent for the Government of the Republic of Uzbekistan and state management bodies in the following cases, operating on the basis of terms agreed with the Ministry of Finance of the Republic of Uzbekistan:
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in the placement and registration of debt obligations (securities) issued by the Ministry of Finance of the Republic of Uzbekistan and other state bodies;
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in the payment of the value of debt obligations (securities), interest on them, and other payments;
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in maintaining accounts for debt obligations (securities) and performing payment operations related to them;
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in carrying out other operations on debt obligations (securities).
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The Central Bank advises the Ministry of Finance of the Republic of Uzbekistan on issues of the issuance of state securities and the schedule and volume of repayment of state debt, taking into account their impact on the liquidity of the banking system and the priority directions of monetary policy.
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Article 55. Information Exchange Send a proposal for the document Listen to audio Get a reference from the document element
The Government of the Republic of Uzbekistan and the Central Bank continuously exchange relevant statistical information for the purpose of fulfilling their assigned tasks.
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The Government of the Republic of Uzbekistan, state authorities, and management bodies provide the Central Bank with economic information necessary for it to perform its duties.
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Chapter 9. Mutual Relations of the Central Bank with Credit Institutions Send a proposal for the document Listen to audio Get a reference from the document element
Article 56. Liability for Obligations [ OKOS: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.03.00 Liability for Breach of Obligations] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank and credit institutions are not liable for each other's obligations.
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Article 57. Bank Accounts at the Central Bank [ OKOS: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific 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] Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank has the right to maintain accounts for banks and accept deposits from them.
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Article 58. Powers of the Central Bank in Collecting, Processing, Storing, and Disseminating Statistical Information Send a proposal for the document Listen to audio Get a reference from the document element
The Central Bank creates and maintains an information network for the needs of the banking system and for exchanging statistical information with relevant state management bodies.
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The Central Bank, within its competence, agrees with relevant state management bodies on the rules for collecting, processing, storing, and disseminating statistical information.
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The Central Bank has the right to request information (including confidential information) from relevant state management bodies or directly from subjects of entrepreneurial activity in the manner established by legislation for the exercise of its powers. ( The third part of Article 58 in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — National Database of Legislative Information, 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024)
LexUZ Commentary See: Resolution of the Cabinet of Ministers No. 263 dated April 3, 2018 "On Measures to Ensure the Formation of Statistics of the External Sector of the Republic of Uzbekistan", Regulation on the Procedure for Maintaining Statistical Reports on the Formation of the Niche of Non-bank and Other Financial Institutions approved by Resolution of the Cabinet of Ministers No. 445 dated July 14, 2021, Rules for Maintaining Statistical Reports in Commercial Banks approved by Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated May 26, 2018 (registry number 3031, July 2, 2018)
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Article 59. Priority Right of the Central Bank Previous revision. Send a proposal for the document Listen to audio Get a reference from the document element
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The Central Bank is granted a priority right to satisfy its claims established by legislation from the balances in the debtor's accounts at the Central Bank and other assets. ( The first part of Article 59 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary See: Paragraphs 42 and 68 of the Regulation approved by Resolution No. 1/1-1 of the Board of the Central Bank of the Republic of Uzbekistan dated January 22, 2011, on the Procedure for Providing Refinancing Loans to Commercial Banks by the Central Bank of the Republic of Uzbekistan (registry number 2201, February 23, 2011). Send comments on the document Listen to audio Get reference from document element Previous edition
The Central Bank may exercise its priority right by withholding balances in accounts or by selling other assets at acceptable prices and retaining the amount of proceeds attributable to it after deducting sales expenses. Send comments on the document Listen to audio Get reference from document element Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
Chapter 10. Regulation and Supervision of the Activities of Credit Institutions, Payment Institutions, Payment System Operators, Currency Exchanges, Credit Bureaus, and Banking Groups (The name of Chapter 10 is in the edition of Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislation Information, 17.04.2025, No. 03/25/1057/0351) Send comments on the document Listen to audio Get reference from document element
Article 60. Regulatory Functions of the Central Bank [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.20.00.00 Organization, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Bank and Credit Activities. Permitting Procedures] Send comments on the document Listen to audio Get reference from document element
To perform regulatory functions, the Central Bank establishes: Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the procedure and conditions for state registration of banks and credit bureaus; (The second bullet point of the first part of Article 60 is in the edition of Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Send comments on the document Listen to audio Get reference from document element
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the licensing procedure for types of activities for which licenses issued by the Central Bank are required to be carried out; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the procedure for going through permitting procedures; (The fourth bullet point of the first part of Article 60 is in the edition of Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the procedure for going through notification procedures; (The fifth bullet point of Article 60 was supplemented by the fifth bullet point based on Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislation Information, 12.10.2021, No. 03/21/721/0952) Send comments on the document Listen to audio Get reference from document element
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the procedure and conditions for assessing potential acquirers of bank shares; Send comments on the document Listen to audio Get reference from document element
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additional requirements imposed on foreign institutions (shareholders) when establishing a bank or participating in the authorized capital of a bank; Send comments on the document Listen to audio Get reference from document element
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the procedure for opening, accrediting, carrying out activities, and terminating the activities of representative offices of foreign state banks in the territory of the Republic of Uzbekistan; LexUZ Commentary For additional information, see: "Regulation on the Procedure for Accrediting Representative Offices of Banks of Foreign States in the Territory of the Republic of Uzbekistan" (registry number 1883, 23.12.2008). Send comments on the document Listen to audio Get reference from document element
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criteria for the sufficiency of the management and financial condition of banks for opening branch banks and subsidiaries abroad; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the minimum amount of the charter fund (authorized capital) of payment institutions and payment system operators; (The tenth bullet point of the first part of Article 60 is in the edition of Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Send comments on the document Listen to audio Get reference from document element
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restrictions on entering into transactions, including granting loans, with persons related to banks; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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minimum requirements for information security and cybersecurity of credit institutions, payment institutions, payment system operators, currency exchanges, and credit bureaus; (The twelfth bullet point of the first part of Article 60 is in the edition of Law No. URQ-964 of the Republic of Uzbekistan dated September 20, 2024 — National Database of Legislation Information, 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024) Send comments on the document Listen to audio Get reference from document element
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requirements for the buildings of credit institutions, payment institutions, payment system operators, currency exchanges, and credit bureaus, ensuring their protection, equipping them with equipment, organizational and technical means, and software; Send comments on the document Listen to audio Get reference from document element
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the procedure for terminating the activities of banks and liquidating banks, including voluntary liquidation; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the procedure and rules for the sanation and liquidation of banks; (The first part of Article 60 was supplemented by the fifteenth bullet point based on Law No. URQ-1070 of the Republic of Uzbekistan dated March 25, 2025 — National Database of Legislation Information, 24.06.2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025) Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the specific features of auditing banks; (The fifteenth bullet point of the first part of Article 60 is in the edition of Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Send comments on the document Listen to audio Get reference from document element
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the methodology for identifying systemically important banks; Send comments on the document Listen to audio Get reference from document element
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the methodology for identifying factors affecting the deterioration of the financial condition of banks and banking groups; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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the special legal regime ("regulatory sandbox") for testing new financial operations, technologies, and services by legal entities in a controlled limited environment (scope, test period, number and/or volume of operations and services, number of consumers, etc.); Send comments on the document Listen to audio Get reference from document element
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the procedure for performing the functions of a payment agent (sub-agent) or an agent of banks, insurance, and other financial institutions by microfinance institutions; Send comments on the document Listen to audio Get reference from document element
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the procedure for providing services related to Islamic financing by microfinance institutions; (The first part of Article 60 was supplemented by the eighteenth, nineteenth, and twentieth bullet points based on Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Previous edition Send comments on the document Listen to audio Get reference from document element Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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requirements for calculating interest on the bank's financial operations and the amount of markup and/or share of profit from Islamic finance operations, and including them in the bank's income and/or expense accounts; (The twenty-second bullet point of the first part of Article 60 is in the edition of Law No. URQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — National Database of Legislation Information, 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) Send comments on the document Listen to audio Get reference from document element
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the specific features of changing the activities of credit institutions; (The first part of Article 60 was supplemented by the twenty-first and twenty-second bullet points based on Law No. URQ-1026 of the Republic of Uzbekistan dated February 11, 2025 — National Database of Legislation Information, 12.02.2025, No. 03/25/1026/0131) Send comments on the document Listen to audio Get reference from document element
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other requirements arising from the tasks and powers assigned to the Central Bank. Send comments on the document Listen to audio Get reference from document element
Information on issued licenses must be published on the official website of the Central Bank and must be open for review. Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
The Central Bank maintains state registries of banks and credit bureaus, registries of licenses issued to banks, payment institutions, payment system operators, currency exchanges, and credit bureaus, a registry of organizations carrying out microfinance activities, a registry of mortgage refinancing organizations, a registry of guarantee organizations, a registry of factoring organizations, a registry of pawnshops, as well as registries of documents with permitting features and notifications. (The third part of Article 60 is in the edition of Law No. URQ-1058 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislation Information, 18.04.2025, No. 03/25/1058/0355) Send comments on the document Listen to audio Get reference from document element
Article 61. Supervisory Functions of the Central Bank [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.15.00 Other Operations and Transactions] Send comments on the document Listen to audio Get reference from document element
To perform supervisory functions, the Central Bank: Send comments on the document Listen to audio Get reference from document element
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establishes mandatory rules for credit institutions regarding the submission of information necessary for carrying out financial operations, maintaining accounting records, preparing and submitting financial and supervisory reports, including annual reports, assessing risks, and monitoring their activities; LexUZ Commentary See: "Instruction on the Procedure for Maintaining Accounting Records and Organizing Accounting Work in Banks of the Republic of Uzbekistan" (registry number 1834, 11.07.2008). Send comments on the document Listen to audio Get reference from document element
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establishes mandatory rules for payment institutions, payment system operators, currency exchanges, and credit bureaus regarding the conduct of activities and operations; Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for obtaining the consent of the Central Bank for the distribution of profits by banks in cases provided for by the Law of the Republic of Uzbekistan "On Banks and Bank Activity"; Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for determining the boundaries (perimeter) and methods of consolidation; Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for preparing and submitting consolidated reports and information to the Central Bank necessary for the parent bank of a banking group to exercise control over the activities of the banking group; Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for participants of a banking group to submit information about their own activities necessary for the parent bank of the banking group to prepare consolidated reports on the activities of the banking group; Send comments on the document Listen to audio Get reference from document element
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establishes requirements for the internal control and risk management systems of banks and banking groups, as well as for corporate governance in banks, including the independence of members of the supervisory boards of banks; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes requirements for organizing a management system in banks conducting Islamic banking activities in accordance with Islamic finance standards; (The ninth bullet point of the first part of Article 61 was supplemented based on Law No. URQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — National Database of Legislation Information, 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes internal control requirements for combating the legalization of income obtained from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction for credit institutions, payment institutions, payment system operators, and banking groups; (The ninth bullet point of the first part of Article 61 was supplemented based on Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislation Information, 12.10.2021, No. 03/21/721/0952) Send comments on the document Listen to audio Get reference from document element
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establishes requirements for the content of recovery plans for the financial condition of banks and banking groups and their updating, as well as the procedure for submitting and assessing them; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for calculating prudential norms for banks, including systemically important banks, and banking groups, microfinance institutions, mortgage refinancing organizations, guarantee organizations, and factoring organizations, as well as the permissible values of these norms; (The eleventh bullet point of the first part of Article 61 is in the edition of Law No. URQ-1058 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislation Information, 18.04.2025, No. 03/25/1058/0355) Send comments on the document Listen to audio Get reference from document element
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establishes additional margins for liquidity and capital adequacy coefficients for banks, systemically important banks, and banking groups; Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for determining the base level of fees payable, including any interest and interest-free payments payable to individual depositors, the value of income in kind, and the maximum level of deviation of the value of monetary prizes under bank deposit contracts from the base level; LexUZ Commentary See: Resolution No. 27/4 of the Board of the Central Bank of the Republic of Uzbekistan dated August 23, 2023 "On Approving the Regulation on the Procedure for Calculating Interest in Commercial Banks" (registry number 3460, 29.09.2023). Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for implementing temporary administration in banks; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for assessing the members of the supervisory board, management, and key employees of banks, as well as the members of the Islamic Finance Council (hereinafter in the text referred to as the Bank's Islamic Finance Council) of banks conducting Islamic banking activities, the criteria for their compliance with qualification requirements, and the procedure for their approval. (The sixteenth bullet point of the first part of Article 61 is in the edition of Law No. URQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — National Database of Legislation Information, 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) [OKOS:
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.15.00 Bank Deposits] Send comments on the document Listen to audio Get reference from document element
To perform supervisory functions, the Central Bank: Send comments on the document Listen to audio Get reference from document element
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has the right to request and inspect reports and other documents from credit institutions, persons related to them, payment institutions, payment system operators, currency exchanges, credit bureaus, as well as from banking groups, persons carrying out services and operations outsourced by banks, and associations (unions) of credit institutions, and to demand explanations of the information obtained; Send comments on the document Listen to audio Get reference from document element
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has the right to subject credit institutions, payment institutions, payment system operators, currency exchanges, credit bureaus, persons carrying out services and operations outsourced by banks, as well as persons subject to consolidated supervision, to inspection (audit); Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes requirements for the internal audit of banks, microfinance institutions, mortgage refinancing organizations, credit bureaus, guarantee organizations, and factoring organizations; (The fourth bullet point of the second part of Article 61 is in the edition of Law No. URQ-1058 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislation Information, 18.04.2025, No. 03/25/1058/0355) Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes the maximum values of interest rates and payments on consumer loans and microloans granted by banks and microfinance institutions, as well as microloans granted by pawnshops; (The fifth bullet point of the second part of Article 61 is in the edition of Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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establishes the amount of additional allocations payable by banks to the Deposit Insurance Fund quarterly; (The sixth bullet point of the second part of Article 61 is in the edition of Law No. URQ-1031 of the Republic of Uzbekistan dated February 18, 2025 — National Database of Legislation Information, 19.02.2025, No. 03/25/1031/0160) Send comments on the document Listen to audio Get reference from document element
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establishes the conditions and procedure for writing off hopeless assets; Send comments on the document Listen to audio Get reference from document element
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establishes reporting forms for credit institutions and credit bureaus, the methodology for their preparation, the frequency and deadlines for submission; Send comments on the document Listen to audio Get reference from document element
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has the right to demand the submission of consolidated reports from banks; Send comments on the document Listen to audio Get reference from document element
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has the right to send demands to banks and parent banks of banking groups with deteriorating financial conditions to develop and submit recovery plans containing measures to restore their financial condition; Send comments on the document Listen to audio Get reference from document element
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has the right to send mandatory instructions to credit institutions, payment institutions, payment system operators, currency exchanges, and credit bureaus to eliminate violations identified in their activities, including causes leading to violations of the rights of consumers of credit institution services; Send comments on the document Listen to audio Get reference from document element
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has the right to request and obtain information about the financial condition and business reputation of holders of bank shares, both direct and indirect, including ultimate beneficial owners; Previous edition Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
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has the right to impose qualification requirements on the heads and chief accountants of payment institutions, payment system operators, currency exchanges, and credit bureaus, as well as to establish the specific features of their appointment and dismissal from positions. (The thirteenth bullet point of the second part of Article 61 is in the edition of Law No. URQ-765 of the Republic of Uzbekistan dated April 20, 2022 — National Database of Legislation Information, 21.04.2022, No. 03/22/765/0332) Send comments on the document Listen to audio Get reference from document element
Article 62. Measures to Protect the Rights of Consumers of Credit Institution Services [OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.06.00 Credit Operations (see also 07.22.00.00)] Send comments on the document Listen to audio Get reference from document element
To perform tasks to protect the rights of consumers of credit institution services, the Central Bank takes the following measures: Send comments on the document Listen to audio Get reference from document element
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establishes the procedure for disclosing information about services provided by credit institutions; Send comments on the document Listen to audio Get reference from document element
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identifies systemic shortcomings in the activities of credit institutions that lead to violations of the rights of their service consumers, and takes measures to eliminate them; Send comments on the document Listen to audio Get reference from document element
applies measures and sanctions to credit institutions that allow for the violation of the rights of consumers of their services; Provide comments on the document Listen to audio Get a link to the document element provides advice and assistance in restoring the violated rights of consumers of credit institution services; Provide comments on the document Listen to audio Get a link to the document element takes measures to increase the transparency of financial services and the level of financial literacy of the population and business entities. Provide comments on the document Listen to audio Get a link to the document element Taking into account international experience and the specific features of the financial market of the Republic of Uzbekistan, the Central Bank establishes financial transparency indicators and publishes them on its official website. Provide comments on the document Listen to audio Get a link to the document element A service for the protection of the rights and legitimate interests of consumers of credit institution services is established within the Central Bank. Provide comments on the document Listen to audio Get a link to the document element The Central Bank has the right to conduct control measures, during the course of which Central Bank staff carry out actions to conclude transactions or perform operations within the scope of the credit institution's activities in order to check compliance with the requirements imposed on their activities when interacting with consumers of banking services. Provide comments on the document Listen to audio Get a link to the document element Control measures are carried out without prior notification of the credit institution. Provide comments on the document Listen to audio Get a link to the document element Article 63. Application of justified reasoning by the Central Bank See previous version. Provide comments on the document Listen to audio Get a link to the document element [ 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] Provide comments on the document Listen to audio Get a link to the document element In addition to the requirements established by legislation, justified reasoning is a professional assessment that presupposes the primacy of the actual or economic content of the issue under consideration over its formal content, applied by the Central Bank. ( Part one of Article 63 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375)
Provide comments on the document Listen to audio Get a link to the document element The adoption of decisions based on justified reasoning falls within the competence of the Banking Supervision Committee of the Central Bank. Provide comments on the document Listen to audio Get a link to the document element The Central Bank has the right to use justified reasoning: Provide comments on the document Listen to audio Get a link to the document element when issuing or refusing to issue preliminary permits for the establishment of a bank, documents with a licensing nature, as well as when performing regulatory and supervisory functions by the Central Bank, to assess the financial condition and business reputation of the bank's direct and indirect founders and shareholders, including the ultimate beneficial owners; Provide comments on the document Listen to audio Get a link to the document element to identify persons acting in concert; Provide comments on the document Listen to audio Get a link to the document element to identify persons related to a credit institution and to identify facts of transactions concluded on significantly favorable terms by the credit institution; Provide comments on the document Listen to audio Get a link to the document element to assess the quality of risk management and internal control systems in a credit institution from the perspective of the availability and implementation of effective internal policies; Provide comments on the document Listen to audio Get a link to the document element to assess assets and liabilities, including for their use in assessing compliance with the Central Bank's regulatory legal acts on risk management in a credit institution. Provide comments on the document Listen to audio Get a link to the document element Justified reasoning is based on information obtained by the Central Bank in the course of supervising the activities of credit institutions and banking groups, information obtained from physical and legal entities, international organizations, state bodies, including foreign supervisory authorities and organizations, and other open sources, as well as other information important for forming justified reasoning. Provide comments on the document Listen to audio Get a link to the document element The procedure for forming and using justified reasoning is established by the Central Bank and is based on the principles of legality, justification, impartiality, and uniform approach. Provide comments on the document Listen to audio Get a link to the document element Article 64. Implementation 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 Rules; 2. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.01.00 General Rules for the Organization of Exchange Activity and Their Activities. Specialization of Exchanges] Provide comments on the document Listen to audio Get a link to the document element The regulatory and supervisory functions of the Central Bank are performed by the Banking Supervision Committee of the Central Bank. Provide comments on the document Listen to audio Get a link to the document element The tasks, powers, and functions of the Banking Supervision Committee of the Central Bank are established by the Central Bank. Provide comments on the document Listen to audio Get a link to the document element Inspection (verification) of the activities of credit institutions, payment institutions, payment system operators, currency exchanges, credit bureaus, persons performing outsourced services and operations by banks, as well as persons subject to consolidated supervision, is carried out by authorized officials of the Central Bank and auditors designated by the Central Bank. Provide comments on the document Listen to audio Get a link to the document element The Central Bank has the right to demand that auditors comply with the Central Bank's regulatory legal acts, including procedures and methodologies, during the conduct of a bank's internal audit, as well as to obtain information related to bank audit directly from auditors. Provide comments on the document Listen to audio Get a link to the document element The Central Bank, in conjunction with the specially authorized state body, approves internal control rules mandatory for credit institutions, payment institutions, and payment system operators regarding the prevention of legalization of income obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction. Provide comments on the document Listen to audio Get a link to the document element Article 65. Issuance of documents with a licensing nature See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element The Central Bank issues documents with a licensing nature for the performance and (or) implementation of the following actions and (or) activities: Provide comments on the document Listen to audio Get a link to the document element when shares of a bank in the amount specified in the second paragraph of this part are acquired by the recipient in cases not dependent on the recipient: Provide comments on the document Listen to audio Get a link to the document element
- more than five percent, but no more than twenty percent; Provide comments on the document Listen to audio Get a link to the document element
- more than twenty percent, but no more than fifty percent; Provide comments on the document Listen to audio Get a link to the document element
- when a share constituting fifty percent and more is acquired directly or indirectly as a result of one or several transactions by persons acting in concert or a group of persons; Provide comments on the document Listen to audio Get a link to the document element when a bank acquires shares of another bank; Provide comments on the document Listen to audio Get a link to the document element when banks acquire their own shares; Provide comments on the document Listen to audio Get a link to the document element when banks open branch banks and representative offices outside the Republic of Uzbekistan, establish branches, participate in the capital of banks, including the establishment of foreign banks; Provide comments on the document Listen to audio Get a link to the document element when cash foreign currency and (or) national currency is exported outside the Republic of Uzbekistan by a bank; Provide comments on the document Listen to audio Get a link to the document element when a bank outsources certain types of services and operations; Provide comments on the document Listen to audio Get a link to the document element when a bank is reorganized; Provide comments on the document Listen to audio Get a link to the document element when a bank is voluntarily liquidated; See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element to carry out mortgage loan refinancing activities; (Part fourteen of Article 65 in the edition of the Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 — National Database of Legislation Information, April 21, 2022, No. 03/22/765/0332) See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element to carry out microfinance institution activities; See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element to carry out guarantee institution activities; Provide comments on the document Listen to audio Get a link to the document element to carry out factoring institution activities; (Article 65 supplemented by paragraphs sixteen and seventeen based on the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation Information, April 18, 2025, No. 03/25/1058/0355) See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element when a share constituting more than twenty percent of the authorized fund (authorized capital) of a non-bank credit institution is acquired directly or indirectly as a result of one or several transactions by physical and legal entities, including their respective close relatives and persons related to them, persons acting in concert with physical and legal entities, as well as non-residents; (Part eighteen of Article 65 in the edition of the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation Information, April 18, 2025, No. 03/25/1058/0355) See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element when the share in the authorized fund (authorized capital) of a non-bank credit institution in the volume specified in paragraph eighteen of this article is acquired in cases not dependent on the recipient. (Part nineteen of Article 65 in the edition of the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation Information, April 18, 2025, No. 03/25/1058/0355) See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element Article 65-1. Activities (actions) carried out by notification [ OKOZ:
03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.09.00 Representative Offices and Branches. Subsidiary Enterprises; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (also see 07.27.00.00); 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.02.00 Pawnshops] Provide comments on the document Listen to audio Get a link to the document element Notification to the Central Bank is required for the performance of the following types of activities (actions): Provide comments on the document Listen to audio Get a link to the document element starting or terminating pawnshop activities; Provide comments on the document Listen to audio Get a link to the document element importing cash foreign and (or) national currency into the Republic of Uzbekistan; Provide comments on the document Listen to audio Get a link to the document element opening or terminating a bank branch or bank service office; Provide comments on the document Listen to audio Get a link to the document element reorganization (merger, accession, division, separation, transformation) of a payment institution; Provide comments on the document Listen to audio Get a link to the document element starting or terminating the issuance of electronic money by an electronic money issuer; See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element opening or closing a microfinance institution branch; (Part seven of the first part of Article 65-1 in the edition of the Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 — National Database of Legislation Information, April 21, 2022, No. 03/22/765/0332) See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element opening or closing a pawnshop branch; (Part eight of the first part of Article 65-1 supplemented based on the Law of the Republic of Uzbekistan No. URQ-765 dated April 20, 2022 — National Database of Legislation Information, April 21, 2022, No. 03/22/765/0332) See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element opening or closing a factoring institution branch; Provide comments on the document Listen to audio Get a link to the document element when a share constituting from ten percent to twenty percent of the authorized fund (authorized capital) of a non-bank credit institution is acquired directly or indirectly as a result of one or several transactions by physical and legal entities, including their respective close relatives and persons related to them, persons acting in concert with physical and legal entities, as well as non-residents. (Parts nine and ten of the first part of Article 65-1 supplemented based on the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — National Database of Legislation Information, April 18, 2025, No. 03/25/1058/0355) Provide comments on the document Listen to audio Get a link to the document element Engaging in the types of activities (actions) specified in the first part of this article without notifying the Central Bank is prohibited. (Article 65-1 introduced based on the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — National Database of Legislation Information, October 12, 2021, No. 03/21/721/0952) Provide comments on the document Listen to audio Get a link to the document element Article 66. Inspection (verification) of persons subject to supervision by the Central Bank See previous version. Provide comments on the document Listen to audio Get a link to the document element Provide comments on the document Listen to audio Get a link to the document element The Central Bank inspects credit institutions, payment institutions, payment system operators, currency exchanges, credit bureaus, persons performing outsourced services and operations by banks, as well as persons subject to consolidated supervision, based on the results of risk assessment, and may also subject them to verification on specific issues upon requests of law enforcement agencies and appeals from physical and legal entities regarding facts of violation of legislation. ( Part one of Article 66 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislation Information, April 21, 2021, No. 03/21/683/0375)
LexUZ commentary Provide comments on the document Listen to audio Get a link to the document element The procedure for inspecting (verifying) the persons specified in the first part of this article is established independently by the Central Bank. Inspections (verifications) are carried out without agreement with state bodies and other organizations and without their notification. Provide comments on the document Listen to audio Get a link to the document element The Banking Supervision Committee of the Central Bank determines the direction of the area subject to inspection (verification) of the activities of persons subject to supervision by the Central Bank, based on the tasks of the structural subdivisions of the Central Bank. Provide comments on the document Listen to audio Get a link to the document element The application of measures and sanctions to persons subject to supervision by the Central Bank for obstructing the performance of regulatory functions by the Central Bank does not exempt them from inspection (verification). Provide comments on the document Listen to audio Get a link to the document element The powers of the Central Bank's departments carrying out inspections and verifications, as well as the distribution of their obligations, are established by the Banking Supervision Committee of the Central Bank. Provide comments on the document Listen to audio Get a link to the document element Staff of organizations under the control of the Central Bank, as well as employees of banks and other organizations in the sector, may be involved in conducting inspections (verifications). LexUZ commentary See: "Regulation on the Procedure for Conducting Inspections (Verifications) in Banks and Their Branches by the Central Bank of the Republic of Uzbekistan" (registry number 2217, April 14, 2011) and "Regulation on the Procedure for Checking the Activities of Microcredit Institutions and Pawnshops by the Central Bank of the Republic of Uzbekistan"
Article 67. Measures and Sanctions Applied by the Central Bank
The Central Bank has the right to apply measures and sanctions to banks, direct and indirect shareholders of banks, including ultimate beneficial owners, members of the supervisory board and management, significant employees of banks, as well as members of the Islamic finance council of banks, in accordance with the legislation on banks and banking activity. (Part one of Article 67 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-1126 dated March 27, 2026 — National Database of Legislative Acts, March 28, 2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)
If non-bank credit institutions violate legislative requirements, including established prudential norms, or provide false or incorrect information to the Central Bank regarding the fulfillment of requirements and conditions for carrying out activities (actions) under notification procedures, the Central Bank:
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has the right to send instructions mandatory for execution to eliminate identified violations in their activity;
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has the right to collect fines in an amount of up to five percent of their own capital;
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has the right to restrict the conduct of certain operations for a period of up to three months;
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has the right to remove information about the non-bank credit institution from the respective registers of microfinance organizations, mortgage refinancing organizations, guarantee organizations, factoring organizations, or pawnshops; (Part two, fifth paragraph of Article 67 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-1058 dated April 17, 2025 — National Database of Legislative Acts, April 18, 2025, No. 03/25/1058/0355)
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has the right to suspend or terminate activities carried out under notification procedures. (Part two of Article 67 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-765 dated April 20, 2022 — National Database of Legislative Acts, April 21, 2022, No. 03/22/765/0332)
If it is found that legislation on combating the legalization of income obtained from criminal activities, financing terrorism, and financing the proliferation of weapons of mass destruction has been violated by credit institutions, payment organizations, and payment system operators, the Central Bank has the right to apply measures and sanctions in accordance with the legislation.
The procedure for applying measures and sanctions to credit institutions, payment organizations, payment system operators, currency exchanges, and credit bureaus is determined by the Central Bank.
The Central Bank has the right to apply one or 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 No. УРҚ-721 dated October 12, 2021 — National Database of Legislative Acts, October 12, 2021, No. 03/21/721/0952)
Article 67¹. Special Legal Regime of the "Regulatory Sandbox" in the Field of Financial Services
The special legal regime of regulating financial services is the activity of legal entities to test new financial operations, technologies, and services in a controlled limited environment (scope, pilot period, number and/or volume of operations and services, number of consumers, etc.).
The introduction and abolition of the special legal regime, as well as the procedure for conducting activities within the framework of this regime, are determined by the Central Bank.
The special legal regime is introduced by the Central Bank by approving the temporary rules of the special legal regime, which include:
- the validity period of the special legal regime, which may not exceed three years;
- norms of legislative acts that are not applied to participants of the special legal regime;
- procedures and criteria for assessing the effectiveness and efficiency of the introduction of the special legal regime, including target indicators;
- other information necessary for the introduction and application of the special legal regime.
After the expiration of the special legal regime, an analysis is conducted regarding the appropriacy of introducing new financial operations, technologies, and services tested within the framework of the special legal regime.
If the introduction of new financial operations, technologies, and services tested within the framework of the special legal regime is deemed appropriate, the Central Bank prepares proposals for amendments and additions to legislative acts regarding the introduction of these operations, technologies, and services without limiting their validity. (Article 67¹ added based on the Law of the Republic of Uzbekistan No. УРҚ-765 dated April 20, 2022 — National Database of Legislative Acts, April 21, 2022, No. 03/22/765/0332)
Article 67². Tasks and Powers of the Central Bank Regarding the Operation of the Deposit Guarantee System in Banks
The Central Bank determines the following regarding the operation of the deposit guarantee system in banks:
- the procedure for payment of contributions by banks to the Deposit Guarantee Fund;
- the procedure and conditions for paying compensation for guaranteed deposits by the Deposit Guarantee Agency, including the list of documents submitted for receiving compensation for guaranteed deposits, as well as the requirements for their formalization;
- the procedure and conditions for informing the public about the deposit guarantee system.
In case of shortage of funds in the Deposit Guarantee Fund, the Central Bank may grant a loan to the Deposit Guarantee Agency for a period of up to three months or use Islamic finance instruments to ensure liquidity. (Part two of Article 67² in the edition of the Law of the Republic of Uzbekistan No. УРҚ-1126 dated March 27, 2026 — National Database of Legislative Acts, March 28, 2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)
Chapter 10. Islamic Finance Council of the Central Bank
Article 67³. Activity of the Islamic Finance Council of the Central Bank
An Islamic Finance Council of the Central Bank consisting of five members is established within the Central Bank.
The Islamic Finance Council of the Central Bank is a collegial body coordinating Islamic finance activities carried out by persons subject to the control of the Central Bank.
The activity of the Islamic Finance Council of the Central Bank is carried out on the basis of the Regulation approved by the Board of Directors of the Central Bank.
Members of the Islamic Finance Council of the Central Bank are appointed by the Board of Directors of the Central Bank.
The powers and activity regulations of the Islamic Finance Council of the Central Bank, its legal status, as well as the requirements for members of this Council are determined by the Board of Directors of the Central Bank.
Article 67⁴. Tasks of the Islamic Finance Council of the Central Bank
The Islamic Finance Council of the Central Bank:
- develops Islamic finance standards;
- assists the Central Bank in developing draft normative legal acts on Islamic finance activities;
- provides explanations and comments on issues causing disputes in the field of Islamic finance;
- provides opinions on disputes related to Islamic finance activities.
The Islamic Finance Council of the Central Bank may perform other tasks in accordance with the Regulation approved by the Central Bank. (Chapter 10 added based on the Law of the Republic of Uzbekistan No. УРҚ-1126 dated March 27, 2026 — National Database of Legislative Acts, March 28, 2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)
Chapter 11. Final Provisions
Article 68. International Cooperation
The Central Bank cooperates with international organizations, central banks of foreign states, and other bodies on banking supervision and monetary policy, and carries out information exchange.
The Central Bank has the right to conclude agreements on cooperation with national and foreign authorities, including on the exchange of confidential information, regarding the performance of supervisory functions. (Part two of Article 68 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-721 dated October 12, 2021 — National Database of Legislative Acts, October 12, 2021, No. 03/21/721/0952)
The Central Bank has the right to disclose information received from a foreign state if the person who provided it consents, and only for the purposes for which such consent was given.
Article 69. Communication Policy of the Central Bank
To increase the effectiveness of monetary policy measures and measures to ensure the stability of the banking system, the Central Bank develops and implements a communication policy by bringing the goals and essence of its policies to the attention of the public.
The communication policy of the Central Bank is implemented through the publication of analytical materials, comments, statistical data, interviews, reports, as well as through organizing press briefings and other methods taking into account generally recognized international practice.
To ensure transparency of the banking system's activities, the Central Bank publishes and regularly updates on its official website the following information:
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texts of laws and other normative legal acts adopted in the field of banking supervision and regulation, and recommendations regarding their application;
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general criteria and methodologies used in checking systems, strategies, procedures, and mechanisms applied by banks to comply with the requirements of legislation on banks and banking activity, and in assessing risks faced or likely to be faced by banks; (The third paragraph of part three of Article 69 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)
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lists of bank managers;
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information contained in bank reports, excluding information constituting bank secrecy or other secrets protected by law;
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measures taken and sanctions imposed.
Article 69¹. Mutual Cooperation of the Central Bank with State Bodies and Organizations Within the Framework of Licensing, Permitting, and Notification Procedures
The Central Bank has the right to request information necessary for making decisions within the framework of licensing, permitting, and notification procedures from state bodies and organizations.
State bodies and organizations must provide information requested by the Central Bank that is necessary for making relevant decisions. (Article 69¹ added based on the Law of the Republic of Uzbekistan No. УРҚ-765 dated April 20, 2022 — National Database of Legislative Acts, April 21, 2022, No. 03/22/765/0332)
Article 70. Legal Protection of Central Bank Employees While Performing Their Duties
The Central Bank, its employees, external experts and temporary administrators, as well as other persons specified in this Law performing supervisory duties, including those whose powers have terminated or who have ceased working at the Central Bank, are liable only for their actions (inaction) committed dishonestly while performing their duties.
The Central Bank covers expenses for defending the interests of the persons indicated in part one of this Article, including court and administrative proceedings initiated in relation to the duties performed by these persons in accordance with this Law, including cases where their powers have terminated or they have ceased working at the Central Bank.
Article 71. Appeal of Decisions of the Central Bank
Decisions of the Central Bank may be appealed in the manner established by legislation. (Text of Article 71 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)
Article 72. Liability for Violation of the Legislation on the Central Bank of the Republic of Uzbekistan
Persons guilty of violating the requirements of the legislation on the Central Bank of the Republic of Uzbekistan shall be held liable in the manner established by legislation. (Article 72 in the edition of the Law of the Republic of Uzbekistan No. УРҚ-683 dated April 21, 2021 — National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)
(National Database of Legislative Acts Information, November 12, 2019, No. 03/19/582/4014; National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375, October 12, 2021, No. 03/21/721/0952; March 30, 2022, No. 03/22/760/0249, April 21, 2022, No. 03/22/765/0332; November 29, 2023, No. 03/23/880/0905; September 21, 2024, No. 03/24/964/0736; February 12, 2025, No. 03/25/1026/0131; February 19, 2025, No. 03/25/1031/0160; April 17, 2025, No. 03/25/1057/0351, April 18, 2025, No. 03/25/1058/0355; June 24, 2025, No. 03/25/1070/0536; March 28, 2026, No. 03/26/1126/0279; July 14, 2026, No. 03/26/1158/0727)
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