Regulatory Alerts2002-03-30 | ПФ-3047Added
On Measures to Restrict Money Supply Growth and Increase Responsibility for Compliance with Financial Discipline
The President of Uzbekistan approves the Central Bank's issuance of bonds starting June 1, 2002, to be treated as state securities and backed by all Central Bank assets. Commercial banks are mandated to provide short-term loans against liquid assets to manage the money supply and must widely implement plastic card payments while strictly adhering to credit risk and collateral valuation principles. The decree establishes that collateral transfers to the bank upon default, allows for mandatory collection orders and asset seizure for unpaid debts, and imposes personal liability on government officials and enterprise heads for investment projects funded by credit resources.