On Approval of the Regulation on Requirements for Managing the Liquidity of Commercial Banks

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on August 13, 2015, registration number 2709

Date of Entry into Force

17.11.2015

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.03.00 Bank Reserves and Reserves. Capitalization] [ TSZ: 1. Finance / Banks and other credit institutions. Credits]

RESOLUTION OF THE BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTON

On Approval of the Regulation on Requirements for Managing the Liquidity of Commercial Banks

[Registered by the Ministry of Justice of the Republic of Uzbekistan on August 13, 2015, registration number 2709]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activity", and the Resolution of the President of the Republic of Uzbekistan dated May 6, 2015, No. PQ-2344 "On Measures to Further Increase the Financial Stability of Commercial Banks and Develop Their Resource Base", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Approve the Regulation on Requirements for Managing the Liquidity of Commercial Banks in accordance with the Appendix.

2. This resolution enters into force three months after the date of its official publication.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

July 22, 2015,

No. 19/14

APPENDIX

To the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated July 22, 2015, No. 19/14

REGULATION

On Requirements for Managing the Liquidity of Commercial Banks

See previous edition.

This Regulation establishes the requirements for managing the liquidity of commercial banks, including microfinance banks, as well as banks and microfinance banks carrying out Islamic banking activities (hereinafter referred to as "the Bank" in the text). (Introduction in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated July 8, 2026, No. 19/7 (registration number 2709-9, dated 18.07.2026) — , 20.07.2026, No. 10/26/2709-9/0751)

Chapter 1. General Provisions

1. The following main concepts are used in this Regulation: See previous edition.

liquidity of the bank (hereinafter referred to as liquidity in the text) — the ability of the bank to finance the growth of its assets and ensure the timely fulfillment of its obligations without unforeseen (unacceptable) losses; (second subparagraph of paragraph 1 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100)

non-permanent liabilities — large deposits or large loans that have a high probability of leaving the bank at any time;

illiquid assets — assets whose market price cannot be determined based on quotations, or whose purchase price is determined individually as a result of an agreement between the seller and the buyer, the value of which may undergo significant changes and makes comparison difficult; See previous edition.

liquid assets — assets whose value is formed in the market, for which buyers can be easily found within a short period based on market value, and which are sold and purchased without unforeseen (unacceptable) losses on a regular basis; (fifth subparagraph of paragraph 1 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100)

base currency — a currency in which assets or liabilities equal to 5 percent or more of the Bank's total assets are reflected;

large counterparty — a counterparty that provides more than 1 percent of the Bank's total assets as a source of financing; See previous edition.

large loan (deposit, credit, and other liabilities) — a loan belonging to one person or a group of affiliated persons, the amount of which exceeds 5 percent of the Bank's Tier 1 capital;

countries with low risk — countries that have investment rating assessments of "Standard & Poor's", "Fitch Ratings", and "Moody's Investors Service" rating agencies, or rating assessments equal to these assessments by other rating agencies recognized by the Central Bank of the Republic of Uzbekistan. (paragraph 1 supplemented with eighth and ninth subparagraphs based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100)

large product or instrument — a bank product or instrument the volume of which exceeds 1 percent of total assets. See previous edition.

financial institution — credit institutions, insurance companies, leasing companies, professional participants of the securities market, clearing organizations, and other organizations providing financial services; (eleventh subparagraph added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) See previous edition.

conditional obligation for credit disbursement — an obligation where the Bank's obligation to disburse credit under a credit contract arises only after resources for financing the credit have entered the Bank, but this condition has not been met as of the reporting date. (subparagraph added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 16, 2020, No. 1/5 (registration number 2709-4, dated 25.02.2020) — National Database of Legislation, 25.02.2020, No. 10/20/2709-4/0221 — enters into force from March 1, 2020) See previous edition.

Islamic financial instruments — financial instruments that comply with Islamic finance standards. (thirteenth subparagraph added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated July 8, 2026, No. 19/7 (registration number 2709-9, dated 18.07.2026) — , 20.07.2026, No. 10/26/2709-9/0751) See previous edition.

11. When a country, bank, or enterprise has recognized rating assessments from several of "Standard & Poor's", "Fitch Ratings", "Moody's Investors Service", and other rating agencies designated by the Central Bank of the Republic of Uzbekistan, the lowest rating assessment is taken into account in the calculations of this Regulation. (paragraph 11 added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100) See previous edition.

12. The following are included in liquid assets:

cash;

net gold bullion;

funds in accounts opened by the Bank at the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank in the text);

funds in representative accounts opened by the Bank at other banks;

securities of the Government of the Republic of Uzbekistan and the Central Bank; See previous edition.

short-term (up to 30 days) interbank credits, debt obligations, and deposits; (seventh subparagraph of paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated July 8, 2026, No. 19/7 (registration number 2709-9, dated 18.07.2026) — , 20.07.2026, No. 10/26/2709-9/0751) See previous edition.

investments in securities issued by governments, central banks, and state sector organizations of foreign countries with a risk level of up to 50 percent in the capital adequacy calculation, and other financial claims against them; (eighth subparagraph of paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) See previous edition.

securities issued by international financial organizations with a risk level of up to 50 percent in the capital adequacy calculation;

secured debt relationship certificates and corporate bonds issued by mortgage refinancing organizations;

securities issued by non-bank and non-financial organizations with a risk level of up to 50 percent in the capital adequacy calculation; (ninth to eleventh subparagraphs added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025)

securities of leading companies in countries with low risk, listed in the registries of developed stock exchanges, having rating assessments not lower than the investment rating level of "Standard & Poor's", "Fitch Ratings", and "Moody's Investors Service" companies or equal to these assessment levels by other rating agencies recognized by the Central Bank of the Republic of Uzbekistan. (paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100) See previous edition.

21. High-quality liquid assets consist of the sum of Level 1 high-quality liquid assets and Level 2 high-quality liquid assets.

In this regard, pledged high-quality liquid assets are not taken into account in the calculation of high-quality liquid assets. (paragraph 21 added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) See previous edition.

See previous edition.

3. The following are included in Level 1 high-quality liquid assets: (first subparagraph of paragraph 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025)

cash;

securities of the Government of the Republic of Uzbekistan and the Central Bank;

funds in accounts opened by the Bank at the Central Bank, excluding funds in the mandatory reserve account of the Central Bank; See previous edition.

investments in securities issued by governments, central banks, and state sector organizations of foreign countries with a risk level of 0 percent in the capital adequacy calculation, and other financial claims against them; (fifth subparagraph of paragraph 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) See previous edition.

funds in representative accounts opened in foreign currency at banks in countries with low risk, and overnight (daily) interbank deposits, as well as Islamic financial instruments, having rating assessments equal to or higher than the investment rating level of "Standard & Poor's", "Fitch Ratings", and "Moody's Investors Service" companies or the rating level of other rating agencies recognized by the Central Bank; (sixth subparagraph of paragraph 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated July 8, 2026, No. 19/7 (registration number 2709-9, dated 18.07.2026) — , 20.07.2026, No. 10/26/2709-9/0751)

funds in representative accounts opened in foreign currency at local banks having rating assessments not lower than "B-"/"B3" of one of "Standard & Poor's", "Fitch Ratings", and "Moody's Investors Service" companies or the rating level of other rating agencies recognized by the Central Bank;

See previous edition.

investments in securities issued by international financial organizations, including the International Monetary Fund and the World Bank Group (International Bank for Reconstruction and Development, International Finance Corporation, Multilateral Investment Guarantee Agency, International Development Association), as well as the Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Development Bank of the Council of Europe, Islamic Development Bank, Inter-American Development Bank, Scandinavian Investment Bank, and African Development Bank, with a risk level of 0 percent in the capital adequacy calculation, and other financial claims against them; (eighth subparagraph of paragraph 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) See previous edition.

secured debt relationship certificates issued by mortgage refinancing organizations. (ninth subparagraph of paragraph 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) (tenth subparagraph of paragraph 3 added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025) See previous edition.

31. Level 2 high-quality liquid assets include Level 2A high-quality liquid assets and Level 2B high-quality liquid assets.

In this regard, in the calculation of high-quality liquid assets: the sum of Level 2 high-quality liquid assets must not exceed 40 percent of the sum of high-quality liquid assets;

the sum of Level 2B high-quality liquid assets must not exceed 15 percent of the sum of total high-quality liquid assets.

32. The following are included in Level 2A high-quality liquid assets:

85 percent of investments in securities issued by governments, central banks, and state sector organizations of foreign countries, as well as international financial organizations, with a risk level of 20 percent in the capital adequacy calculation, and other financial claims against them;

85 percent of secured debt relationship certificates and corporate bonds issued by non-financial organizations not affiliated with the bank, having a rating assessment of "AA" (Standard & Poor's, Fitch Ratings) and/or (or) "Aa3" (Moody's Investors Service) or higher;

85 percent of corporate bonds issued by mortgage refinancing organizations.

33. The following are included in Level 2B high-quality liquid assets:

50 percent of secured debt relationship certificates and corporate bonds issued by non-financial organizations not affiliated with the bank, having a rating assessment from "A+" to "A-" (Standard & Poor's, Fitch Ratings) and/or (or) from "A1" to "A3" (Moody's Investors Service);

50 percent of investments in securities issued by governments, central banks, and state sector organizations of foreign countries, as well as international financial organizations, with a risk level of 50 percent in the capital adequacy calculation, and other financial claims against them. (paragraphs 31–33 added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025, No. 7/5 (registration number 2709-7, dated 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368. Date of entry into force — May 23, 2025)

4. High-quality liquid assets must meet the following requirements: See previous edition. (second subparagraph of paragraph 4 added based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 16, 2019, No. 5/18 (registration number 2709-3, dated 22.04.2019) — National Database of Legislation, 22.04.2019, No. 10/19/2709-3/2980)

low volatility and ease of sale in money or repo markets;

considered a proven and reliable source of liquidity under any market conditions;

must not include obligations of financial institutions or persons affiliated with them. See previous edition.

must not be pledged or encumbered as collateral. (paragraph 4 supplemented with a subparagraph based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100)

5. Maintaining a balance between earning high returns on long-term assets and meeting short-term liquidity needs is considered a key component indicating the effectiveness of the Bank's management bodies and the competence of the Bank's executive management.

6. Failure to make payments on time is considered a gross violation of liquidity requirements, even if all requirements specified in this Regulation are met by the Bank.

7. The Bank's management must plan liquidity to ensure it has sufficient funds and short-term assets to fulfill short-term liabilities.

8. The Bank must maintain a balance in its pursuit of profit and must not violate liquidity requirements for the purpose of earning income.

Chapter 2. Liquidity Management

9. Effective liquidity management is carried out based on the following requirements:

the existence of a clearly expressed liquidity management policy taking into account the specific features of the Bank and its surrounding environment;

coordination between the relevant departments of the Bank;

the existence of a structural unit assigned the task of monitoring the liquidity position;

the existence of an information system for forming a database and analyzing the Bank's asset and liability positions.

10. The liquidity management policy in banks must cover the main aspects of liquidity management and clearly express its position regarding specific aspects of liquidity management or its attitude towards the use of various financial instruments.

11. Banks must conduct monitoring for each major currency and manage liquidity risk, taking into account that liquidity risk may affect currency risk.

12. The liquidity management policy is developed as a separate document and is approved by the Bank's Board of Directors annually by February 1 of the relevant year.

13. The Board of Directors must discuss liquidity management at least once per quarter and adopt relevant decisions regarding the results.

14. Each Bank must establish a Liquidity Management Committee (hereinafter referred to as the Committee in the text), with the responsibility of coordinating the activities of all departments of the Bank to ensure effective liquidity management.

15. The Chairman of the Bank's Management leads the Committee and appoints Committee members from the heads of the Bank's main structural units.

16. The Committee must meet at least once a week to review current and prospective resource needs based on the Bank's business plan and the economic conditions in which it operates.

17. The Committee must continuously monitor and supervise liquidity risk, financing requirements of legal entities, directions of activity, and cash flows.

18. Committee decisions must include operational and strategic instructions to be implemented by Bank departments and branches.

19. A structural unit must be established in the Bank with the authority to obtain necessary information from all its structural units for liquidity management.

20. The structural unit responsible for liquidity management in the Bank is assigned the following main tasks:

continuously monitor the liquidity position;

submit daily reports to management on the liquidity position;

prepare recommendations for short-term liquidity planning;

periodically (daily, monthly, quarterly, annually) submit reports to the Bank's management on the liquidity position. See previous edition.

The structural unit responsible for liquidity management must submit reports to the Bank's management on the liquidity position at least twice a day in stress conditions (mass withdrawal of deposits in one bank or the entire banking system, problems in the banking system, the Bank's insolvency, and other similar situations). (sixth subparagraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 23, 2024, No. 42/18 (registration number 2709-6, dated 07.02.2024) — , 07.02.2024, No. 10/24/2709-6/0103 — enters into force from March 8, 2024) See previous edition.

21. Daily liquidity reports must reflect short-term decreases or increases in liquidity over a 7-day period. The daily liquidity report must include at least the information specified in Appendix 1 to this Regulation. (paragraph 21 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100)

22. In case of resource shortage arising from the daily liquidity report, the Committee adopts a relevant decision on how to cover it; in case of resource surplus, the Committee adopts a relevant decision on how to invest funds more profitably in subsequent periods, taking into account liquidity requirements.

23. Long-term planning is carried out by preparing a schedule for the maturity of assets and liabilities at least on a monthly basis. See previous edition.

This schedule must reflect an increase or decrease in liquidity over a certain period, monitor financial assets and liabilities by relevant categories of maturity, and warn management to take measures to prevent problems. (second subparagraph of paragraph 23 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018, No. 12/22 (registration number 2709-2, dated 25.04.2018) — National Database of Legislation, 26.04.2018, No. 10/18/2709-2/1100)

24. Each Bank must have its own information system that allows for effective monitoring of liquidity, depending on the volume and complexity of its operations. Information systems must timely and fully meet the management's need for necessary information.

25. Reporting on liquidity in each Bank must assist the Bank's management information system. The Bank's management information system must allow monitoring the liquidity of each major currency.

26. For reports to be submitted in a timely manner and with sufficient detail to enable management to make informed decisions, they must include the following:

information on liquid assets;

information on high-quality liquid assets;

liquidity ratios;

Net Stable Funding Ratio (hereinafter referred to as NSFR);

the largest sources of financial resources, concentration of resource sources by sector and geographical area;

a payment schedule for assets and liabilities to identify major mismatches;

change schedules reflecting liquid assets and deposits;

off-balance sheet liabilities;

loans and/or Islamic finance operations expected to be granted (financed);

profitability of assets and cost of attracted resources;

liquidity forecast for the next 30 calendar days;

the state of the economy, including forecasts of changes in key economic indicators and interest rates.

Chapter 3. Liquidity Management Strategy

27. Effective liquidity management must include active management of assets and liabilities. The requirements for liquidity management must be ensured through the management of the asset and liability sides of the bank's balance sheet, as well as contingency accounts.

28. Banks must develop a funding strategy that allows for effective diversification of resources and funding channels.

29. On the asset side of the balance sheet, liquidity management is carried out by methods of purchasing or selling other liquid assets such as short-term government bonds or excess reserves or short-term investments.

30. Bank management must, based on accurate and timely information on market conditions, thoroughly identify the advantages and disadvantages of the types of funds attracted to the bank. Decisions on liquidity management are made based on the analysis of the following factors:

current liquidity status;

periodic fluctuations in demand for resources;

expected changes in resource requirements;

sources of resources;

cost of resources;

quality of assets;

concentration of resources;

the overall financial condition of the bank, taking into account bank capital and profitability;

liabilities and contracts in off-balance sheet items, including unused credit lines, letters of credit, agreements for the purchase of securities or foreign currency.

Chapter 4. Liquidity Management Methods

31. Funds attracted by banks must meet the requirements of competitive pricing and matching the maturity of liabilities to the maturity of assets.

32. Mismatches in the maturities of assets and liabilities are a key factor in liquidity risk. Strengthening liquidity by taking adequate measures to reduce liquidity risk, understanding these mismatches, indicates effective liquidity management.

Bank management should regularly assess the mismatch between the maturities of their assets and liabilities to show the initial and simplified state of contractual obligations regarding liquidity flows, when demand for liquidity increases, and to identify the main aspects of liquidity demand.

33. Banks must diversify the structure of their liabilities (funds) to prevent becoming dependent on special deposits from large corporate clients.

34. The interbank market is an important and large source of resources and serves to solve the following problems:

covering the deficit of funds in banks' correspondent accounts and bringing it to the required level;

creating conditions for effective placement of idle resources, including for short periods, until the need for planned long-term lending (financing) arises or a demand for repayment of a large deposit is made;

repayment of loans received from the Central Bank or funds attracted through Islamic finance instruments.

35. Banks may enter into mutual debt relations in the interbank market in the manner prescribed by legislative acts. In this case, the interest rates on interbank loans and the markup or other types of income on Islamic finance operations must be determined based on an agreement concluded between the banks.

See: Chapter 41 of the Civil Code of the Republic of Uzbekistan.

The interest rates on interbank loans and the markup or other types of income on Islamic finance operations may also be determined relative to the Central Bank's key rate or the rates on government securities of the Republic of Uzbekistan.

37. Securities used in repo operations must be easily marketable and liquid. When banks take other securities as collateral, other than short-term government bonds, they must ensure their safekeeping with themselves or third parties.

38. Banks must monitor the volume of liquid assets that can be used as collateral to attract secured funds from the interbank market or the Central Bank during times of stress.

39. Banks must assess their risk when using illiquid forms of collateral, such as unquoted securities and fixed assets.

Chapter 5. Liquidity Assessment

41. Banks must monitor and control liquidity risk by major currencies.

42. For the purpose of monitoring and controlling liquidity risk, banks must take into account potential inflows and outflows associated with contingencies, including forward agreements, repo operations, executed guarantees, devalued letters of credit, and letters of credit and guarantees issued to debtors with unsatisfactory financial conditions.

43. To ensure timely and full fulfillment of obligations:

banks (excluding microfinance banks) must meet the established norms for instant liquidity, liquidity coverage, net stable funding, and the share of high-quality liquid assets in total assets;

microfinance banks must meet the established norms for liquidity coverage, net stable funding, and the share of high-quality liquid assets in total assets.

(Article 43 in the wording of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 14/8 dated July 10, 2025 (registration number 2709-8, 04.08.2025) — , 04.08.2025, 10/25/2709-8/0690-son. Effective date — September 5, 2025)

43^2. The instant liquidity ratio is determined by the ratio of the sum of cash and other payment documents in the bank's vault, government securities of the Republic of Uzbekistan and the Central Bank (excluding securities sold under repo agreements, as well as securities provided as collateral), and funds in the bank's accounts with the Central Bank of the Republic of Uzbekistan (excluding funds in the mandatory reserve account with the Central Bank) to the sum of demand liabilities from the list of accounts provided in Appendix 3 to this Regulation.

When calculating the instant liquidity ratio, only funds in the national currency of the Republic of Uzbekistan are taken into account.

The instant liquidity ratio must not be less than 25 percent.

44. During the analyzed period (monthly, quarterly, annually), the analyst must pay attention to the trend of changes in liquidity indicators and assess the causes and characteristics of changes compared to previous periods, and analyze past and current strategies for attracting resources.

45. Liquidity ratios are part of the overall assessment of liquidity adequacy.

46. In calculating liquidity, additional liquidity ratios are also used by calculating the share of liquid assets in total assets and the share of liquid assets in non-permanent liabilities.

A decrease in the above indicators indicates the bank's reliance on less stable sources of resources or a decrease in the share of high-quality liquid assets in the bank's portfolio.

47. Banks determine the share of allocated loans and/or financed Islamic finance instruments in deposits by dividing allocated loans and/or financed Islamic finance instruments by attracted deposits.

A very high value (more than 80 percent) and/or an increase in the indicator indicates the bank's reliance on less stable sources of resources that leave the bank at the first signs of problems.

48. Banks determine the share of pledged securities in the total securities portfolio that cannot be used to cover urgent liquidity requirements by dividing pledged securities by the total securities portfolio.

49. Bank management, when developing its set of liquidity indicators, must take into account other factors based on the bank's characteristics, in addition to current liquidity.

50. Banks must analyze funding sources aggregated by major partner, economic sectors, and instruments, and based on the results of the analysis, the bank's Board and management must take appropriate measures to correct the situation.

When monitoring aggregated funding sources by the bank, the ratios of funding obligations from each major partner's source to total assets, funding obligations from foreign currency sources to total assets, and funding obligations from each major product or instrument source to total assets are analyzed.

51. Banks must conduct stress tests on their liquidity positions at least once every quarter. Based on the final results of the stress tests, they must adjust their risk management strategy. Based on the results of the stress tests, banks must develop plans to provide additional funds in unexpected stress situations. Banks must provide information to the Central Bank on the results of stress tests and decisions made by the bank's management regarding contingency funding plans. The bank's Board and management must review the adequacy and appropriateness of stress indicators and assumptions, as well as contingency funding plans.

Chapter 6. Requirements for Liquidity Indicators

52. The Liquidity Coverage Ratio (hereinafter referred to as LCR) is defined as the ratio of high-quality liquid assets to total net outflow over the next 30 days (LCR = high-quality liquid assets / total net outflow over the next 30 days).

If the inflow over the next 30 days exceeds 75 percent of the outflow over the next 30 days, then 75 percent of the outflow over the next 30 days is taken as the inflow over the next 30 days.

The elements of inflow and outflow over the next 30 days and the coefficients applied to them are established by the Central Bank.

The LCR must not be less than 100 percent. This indicator must be ensured by banks (excluding microfinance banks) in:

all currencies;

national currency;

foreign currencies (sum of all foreign currencies).

Microfinance banks must ensure this indicator in all currencies.

52^1. From June 1, 2020, the share of high-quality liquid assets of banks (excluding microfinance banks) in total assets must not be less than 10 percent at the end of the day.

Microfinance banks' share of high-quality liquid assets in total assets must not be less than 5 percent at the end of the day.

53. The NSFR is defined as the ratio of the available amount of stable funding to the required amount of stable funding (NSFR = available amount of stable funding / required amount of stable funding).

The elements of the available amount of stable funding and the required amount of stable funding and the coefficients applied to them are established by the Central Bank.

The NSFR must not be less than 100 percent. This indicator must be ensured by banks (excluding microfinance banks) in:

all currencies;

national currency;

foreign currencies (sum of all foreign currencies).

Microfinance banks must ensure this indicator in all currencies.

The NSFR is necessary to ensure the availability of stable funding resources, taking into account asset maturities, and to satisfy liquidity demand (required stable funding), including off-balance sheet liabilities with a maturity of more than 1 year.

Chapter 7. Final Provision

56. Persons guilty of violating the requirements of this Regulation shall be liable in accordance with legislative acts.

See: Articles 312 – 315 of the Labor Code of the Republic of Uzbekistan.

APPENDIX 1 to the Regulation on Requirements for Managing the Liquidity of Commercial Banks

INFORMATION to be reflected in the commercial bank's daily liquidity report

1. Current assets:

cash;

correspondent account with the Central Bank of the Republic of Uzbekistan;

short-term government bonds (excluding pledged ones);

other government securities of the Republic of Uzbekistan (excluding pledged ones);

loans granted to other commercial banks (overnight) and funds provided through Islamic finance instruments;

correspondent accounts with other commercial banks;

deposits to be received from other commercial banks;

repayable loans and/or obligations under Islamic finance operations — part of the principal amount;

other assets.

2. Expected financial sources:

planned growth of deposits;

obligations under matured loans and/or Islamic finance operations;

other sources.

3. Expected funding requirements:

financing of new loans and/or Islamic finance operations (the type of loans and/or Islamic finance operations is specified in detail); (Paragraph 3, second bullet, in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated July 8, 2026 No. 19/7 (Registry No. 2709-9, 18.07.2026) — , 20.07.2026, No. 10/26/2709-9/0751)

deposit withdrawals (the type of account is specified in detail);

purchase of fixed assets;

other liabilities.

See previous edition.

4. Off-balance sheet items: (Paragraph 4, first bullet, in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018 No. 12/22 (Registry No. 2709-2, 25.04.2018) — National Database of Legislative Acts, 26.04.2018, No. 10/18/2709-2/1100)

financing credit lines;

payments under letters of credit;

obligations to purchase securities with a due payment date;

obligations to purchase foreign currency with a due payment date; See previous edition.

other items. (Paragraph 4, sixth bullet, in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018 No. 12/22 (Registry No. 2709-2, 25.04.2018) — National Database of Legislative Acts, 26.04.2018, No. 10/18/2709-2/1100) See previous edition.

5. Shortages and surpluses of resources are determined by subtracting expected financing demands from current assets and expected financial sources, as well as off-balance sheet items. (Paragraph 5 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018 No. 12/22 (Registry No. 2709-2, 25.04.2018) — National Database of Legislative Acts, 26.04.2018, No. 10/18/2709-2/1100)

6. Recommendations for attracting and investing funds resulting from shortages and surpluses of resources. See previous edition. (Annex 2 is repealed effective May 23, 2025, based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 1, 2025 No. 7/5 (Registry No. 2709-7, 21.04.2025) — , 22.04.2025, No. 10/25/2709-7/0368) See previous edition.

Regulation on Requirements for Liquidity Management of Commercial Banks ANNEX 3

List of Accounts for Liabilities Payable on Demand of Commercial Banks

See previous edition.

No.

Liabilities Payable on Demand

Balance Sheet Accounts

A

B

Deposits held payable on demand

20200

Accounts of other banks

21002, 21008

Accrued interest payable

22402, 22403, 22405, 22406, 22476

Other customer deposits

22600 minus 22602, 22628,

22642

Transit accounts for funds to be transferred to customers' plastic cards

23100

Clearing transactions

23200 minus 23206

Accounts for income and other receipts belonging to the Government

23400 minus 17500

Income received from customers' plastic cards

23500 minus 17400

Other liabilities

29800 minus 29822, 29826, 29830, 29842, 29846

(Annex 3 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 23, 2024 No. 42/18 (Registry No. 2709-6, 07.02.2024) — , 07.02.2024, No. 10/24/2709-6/0103 — enters into force from March 8, 2024) (Compilation of Legislative Acts of the Republic of Uzbekistan, 2015, No. 32, Article 437; 2017, No. 25, Article 559; National Database of Legislative Acts, 26.04.2018, No. 10/18/2709-2/1100, 22.04.2019, No. 10/19/2709-3/2980; 25.02.2020, No. 10/20/2709-4/0221; , 28.07.2021, No. 10/21/3313/0724, 10.12.2021, No. 10/21/2709-05/1153; 07.02.2024, No. 10/24/2709-6/0103; 22.04.2025, No. 10/25/2709-7/0368; 04.08.2025, No. 10/25/2709-8/0690; 20.07.2026, No. 10/26/2709-9/0751)