On Measures for Further Development of the Banking System and Attraction of Idle Funds into Banking Circulation

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[ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural subdivisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues] [ TSZ: 1. Finance / Banks and other credit institutions. Credits]

Decree of the President of the Republic of Uzbekistan

ON MEASURES FOR FURTHER DEVELOPMENT OF THE BANKING SYSTEM AND ATTRACTION OF IDLE FUNDS INTO BANKING CIRCULATION

This decree has lost its force based on the Decree of the President of the Republic of Uzbekistan dated November 25, 2025, No. PF-231 "On Eliminating Legal Gaps and Reducing the Regulatory Burden".

It should be noted that during the years of independence, consistent and targeted reforms of the banking system have created opportunities to strengthen the role of banks in developing the country's economy, increase their capitalization, expand the volume of lending to the real sector of the economy, and improve the quality of banking services provided. The volume of financial support for small business and private entrepreneurship is increasing, and the scale of providing mortgage and consumer loans to the population, including young families, is expanding.

Currently, the volume of assets and total capital of commercial banks has increased 7.6 and 7.4 times, respectively, compared to the year 2000. The volume of population deposits has increased 38 times, cash inflows to bank cash desks — 8.1 times, and credit placements to the real sector of the economy — 5 times.

At the same time, commercial banks have not yet become effective investment centers, and they participate sluggishly in modernizing enterprises and technological re-equipment with their own capital. The tasks of sharply increasing the level of bank capitalization, ensuring the stability of the banking system, reliable money circulation, and guaranteeing the unimpeded and full provision of cash by banks remain urgent.

The work being carried out by the Central Bank and commercial banks, tax authorities, the Cabinet of Ministers of the Karakalpakstan Republic, and the hokimiyats (administrations) of regions, cities, and districts to reduce the non-banking circulation and attract cash into bank cash desks is not at a sufficient level.

In order to further reform and liberalize the banking system, strengthen the competitiveness, financial stability, and investment activity of commercial banks, reduce non-banking circulation, including attracting cash from food (farmers') markets into banking circulation, and expand the volume of cashless settlements:

1. The Central Bank of the Republic of Uzbekistan, the Ministry of Economy, the Ministry of Finance, and the State Tax Committee, together with the Union of Banks of Uzbekistan and commercial banks, shall develop and approve: [ OKOS:

07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural subdivisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

the Program for Deepening and Developing the Reform of the Banking System of the Republic of Uzbekistan for 2007–2010, in accordance with Appendix 1;

a set of measures to further attract idle funds into banking circulation and ensure the growth of the volume of cashless settlements, in accordance with Appendix 2.

Personal responsibility is imposed on the heads of the Central Bank of the Republic of Uzbekistan, the State Tax Committee, relevant ministries and departments, commercial banks, the Chairman of the Cabinet of Ministers of the Karakalpakstan Republic, and the hokims of regions and the city of Tashkent to ensure the high-quality and full implementation of the measures provided for in Appendices 1 and 2 of this decree within the established deadlines.

The Cabinet of Ministers of the Republic of Uzbekistan shall review the implementation of these measures for further deepening the reform of the banking system at its meetings every quarter.

• Appendices are provided in the Russian language text. See previous revision. (Para. 3 lost its force starting January 1, 2011 — in accordance with the Decree of the President of the Republic of Uzbekistan dated August 27, 2010, No. PQ-1397 — Collection of Legislation of the Republic of Uzbekistan, 2010, No. 35-36, Art. 302) See previous revision.

3. It is established that commercial banks holding a license for banking activities have the right to conduct professional activities as investment intermediaries, trustees managing investment assets, and investment advisors in the securities market. In this case, commercial banks are not required to obtain a separate license for professional activities in the securities market. (Para. 3 in the wording of the Decree of the President of the Republic of Uzbekistan dated October 24, 2008, No. PF-4045 — Collection of Legislation of the Republic of Uzbekistan, 2008, No. 44-45, Art. 440)

4. It is recommended that the Central Bank of the Republic of Uzbekistan, commercial banks, microcredit organizations, and insurance companies develop and implement specific measures within one month on the following: (The first paragraph of Para. 4 in the wording of the Decree of the President of the Republic of Uzbekistan dated May 14, 2013, No. PQ-1965 — Collection of Legislation of the Republic of Uzbekistan, 2013, No. 20, Art. 250) [ OKOS:

07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues; 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 / 07.27.13.00 Other Issues of Currency Regulation]

expanding the network of banking institutions, including mini-banks, special cash desks, and currency exchange branches, by locating them in the territories of food (farmers') markets, and ensuring their mandatory operation on weekends and holidays in the established manner;

See: Articles 210 and 212 of the Labor Code of the Republic of Uzbekistan.

attracting funds of business entities and individuals operating in food (farmers') markets into savings and term deposits, including temporarily storing idle funds received from the sale of agricultural products with interest income added for each day the funds are held by depositors;

providing services for granting loans to farm households, trade and purchasing firms, and other small business and entrepreneurship entities, as well as for insuring risks associated with the delivery, storage, and sale of agricultural products in food (farmers') markets.

5. The State Tax Committee of the Republic of Uzbekistan, the Central Bank, and commercial banks shall introduce a unified republican electronic network for the daily exchange of prompt information ensuring that changes in cash flows by each source of income within regions, as well as information on the full submission and refusal to submit cash receipts by business entities, are reflected. [ OKOS:

07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.10.01.00 (Lost Force) Profit Tax Levied from Legal Entities / 07.10.01.05 (Lost Force) Exemptions from Profit Tax Levied from Legal Entities / 07.90.00.00 (Lost Force) General State Taxes; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.11.00.00 (Lost Force) Local Taxes and Fees / 07.11.01.00 (Lost Force) Property Tax / 07.11.01.03 (Lost Force) Exemptions from Property Tax]

6. The following are exempt from value-added tax and property tax for a period of 3 years starting from January 1, 2008: See previous revision. (The second paragraph of Para. 6 was deleted in accordance with the Decree of the President of the Republic of Uzbekistan dated October 7, 2009, No. PQ-1199 — Collection of Legislation of the Republic of Uzbekistan, 2009, No. 41, Art. 441)

The Republic Cash Collection Union — subject to the condition of directing freed-up funds to strengthen the material and technical base of the cash collection service.

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

8. Control over the implementation of this decree is entrusted to Deputy Prime Minister of the Republic of Uzbekistan R.S. Azimov and Chairman of the Central Bank of the Republic of Uzbekistan F.M. Mullažonov.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

November 7, 2007,

No. PQ-726 (Collection of Legislation of the Republic of Uzbekistan, 2007, No. 45, Art. 454; 2008, No. 44-45, Art. 440; 2009, No. 41, Art. 441; 2010, No. 35-36, Art. 302; 2013, No. 20, Art. 250)