On Measures to Restrict Money Supply Growth and Increase Responsibility for Compliance with Financial Discipline

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18.09.2017

21.07.2014

15.11.2006

15.07.2005

20.06.2002

30.03.2002

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Money System and Money Circulation. Inflation / 07.03.02.00 Cash Issuance, Organization and Regulation of Money Circulation. Inflation; 2. 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; 3. 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] [ TSK: 1. Finance / Money System. Accounting; 2. Finance / Banks and other credit institutions. Credits] Send suggestions for the document Listen to audio Get a reference from a document element President of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from a document element Decree Send suggestions for the document Listen to audio Get a reference from a document element On Measures to Restrict Money Supply Growth and Increase Responsibility for Compliance with Financial Discipline Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element In order to improve money supply management, reduce the non-bank circulation, ensure compliance with financial discipline, and increase responsibility for the timely repayment of received loans: Send suggestions for the document Listen to audio Get a reference from a document element

1. The proposal of the Central Bank of the Republic of Uzbekistan to issue bonds of the Central Bank of the Republic of Uzbekistan starting from June 1, 2002, is approved. [ OKOZ:

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] Send suggestions for the document Listen to audio Get a reference from a document element It is established that: Send suggestions for the document Listen to audio Get a reference from a document element Bonds of the Central Bank of the Republic of Uzbekistan are considered state securities and are placed between legal and physical persons; Send suggestions for the document Listen to audio Get a reference from a document element The liquidity of bonds of the Central Bank of the Republic of Uzbekistan is ensured by all assets under the control 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] Send suggestions for the document Listen to audio Get a reference from a document element 2. The Central Bank of the Republic of Uzbekistan: Send suggestions for the document Listen to audio Get a reference from a document element Develop the main conditions for the issuance of Central Bank bonds within one month and, together with the Ministry of Justice of the Republic of Uzbekistan, approve the relevant normative and methodological documents in the established procedure; LexUZ commentary See: The Regulation on the Procedure for Issuance and Circulation of Bonds of the Central Bank of the Republic of Uzbekistan, approved by Resolution No. 30/14 of the Management of the Central Bank of the Republic of Uzbekistan dated September 22, 2018 (registry number 3080, October 25, 2018). Send suggestions for the document Listen to audio Get a reference from a document element For the purpose of rapid money supply management, provide and attract loans to commercial banks for terms up to three months based on interest rates arising in the money market, secured by currency and deposit funds, state securities, and other first-category assets. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Accounting (also see 07.21.03.00) / 03.11.17.06 Plastic Cards and Electronic Payment Systems] Send suggestions for the document Listen to audio Get a reference from a document element 3. The proposal of the Association of Banks of Uzbekistan and the Single Interbank Center for Processing Domestic and Foreign Currency Transactions for Plastic Cards of Commercial Banks to be established is accepted. [ OKOZ: 1. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.02.00.00 Regulation of Customs Tariffs / 10.02.07.00 Tariff Preferences and Preferences] Send suggestions for the document Listen to audio Get a reference from a document element Commercial banks are exempt from paying customs duties (except for fees for customs clearance) when importing ATMs and equipment used by commercial banks for processing payments via plastic cards until January 1, 2005. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks] Send suggestions for the document Listen to audio Get a reference from a document element 4. Commercial banks: Send suggestions for the document Listen to audio Get a reference from a document element Take measures to widely introduce individual and corporate plastic cards for payment of wages, retail trade, utilities, and other services, together with local authorities and management bodies and economic entities; Send suggestions for the document Listen to audio Get a reference from a document element Expand the practice of granting loans against collateral, including liquid property, such as production and social infrastructure facilities, transport vehicles, and other liquid assets of enterprises and organizations; Send suggestions for the document Listen to audio Get a reference from a document element Strictly observe the principles of repayability, term, and self-sufficiency when granting loans, taking into account risk and the thorough assessment of the market value of collateral; Send suggestions for the document Listen to audio Get a reference from a document element Strictly limit the practice of extending loan terms, allowing only the postponement of payment terms for loans that have clear sources of funds for repayment during the delayed term period. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.02.00 Ensuring Performance of Obligations / 03.10.02.02 Collateral] Send suggestions for the document Listen to audio Get a reference from a document element 5. It is established that in the event that economic entities fail to timely fulfill their obligations on loans, the collateralized property shall pass to the bank's property with the right of subsequent sale, regardless of the borrower's consent. Send suggestions for the document Listen to audio Get a reference from a document element In the event that debts on loans are not repaid on time by economic entities, commercial banks are granted the right: Send suggestions for the document Listen to audio Get a reference from a document element To place mandatory collection orders for execution on the secondary account numbers of debtors, including their secondary account numbers opened in other banks; Previous revision Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element To execute the deduction of funds for timely servicing of loans under government guarantees after the priority order of payments for wages, state budget, and targeted state funds; (The fourth paragraph of paragraph 5 was edited by the Decree of the President of the Republic of Uzbekistan No. PF-4631 dated July 8, 2014 - Collection of Legislation of the Republic of Uzbekistan, 2014, No. 29, Article 356) Previous revision Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element To recover loan debts from the borrower's liquid property or through the economic court by attaching the borrower's property, in the event of insufficient funds of the debtor, with the borrower's consent. (The fifth paragraph of paragraph 5 was edited by the Decree of the President of the Republic of Uzbekistan No. PF-5187 dated September 11, 2017 - Collection of Legislation of the Republic of Uzbekistan, 2017, No. 37, Article 980) Send suggestions for the document Listen to audio Get a reference from a document element The Central Bank of the Republic of Uzbekistan, the Ministry of Finance, the State Property Committee, the Ministry of Justice, and the Higher Economic Court shall develop the procedure for recovering debts attached to the liquid property of debtors in case of non-payment of bank loans on time and submit it to the Cabinet of Ministers within one month. Send suggestions for the document Listen to audio Get a reference from a document element 6. Personal responsibility is imposed on the heads of complexes of the Cabinet of Ministers, ministries and departments, and economic entities for compliance with legislative requirements in the preparation, expertise, and implementation of investment projects carried out from credit resources, and for ensuring the timely repayment of borrowed funds. Send suggestions for the document Listen to audio Get a reference from a document element The Ministry of Finance of the Republic of Uzbekistan, together with the Central Bank, shall develop the Regulation on the Mechanism for Fulfillment of Guarantees Provided by the Ministry of Finance for the Security of Commercial Bank Loans within one month and approve them in the established procedure. Previous revision (Paragraph 7 lost its force by the Decree of the President of the Republic of Uzbekistan No. 3624 dated July 15, 2005 - Collection of Legislation of the Republic of Uzbekistan, 2005, Nos. 28-29, Article 202) Previous revision (Paragraph 8 lost its force by the Decree of the President of the Republic of Uzbekistan No. PF-3818 dated November 15, 2006 - Collection of Legislation of the Republic of Uzbekistan, 2006, Nos. 46-47, Article 452) Send suggestions for the document Listen to audio Get a reference from a document element 9. The Ministry of Justice of the Republic of Uzbekistan, together with the relevant ministries and departments, shall: Send suggestions for the document Listen to audio Get a reference from a document element Submit proposals to the Cabinet of Ministers on changes and additions to legislative documents arising from this Decree within one month; Send suggestions for the document Listen to audio Get a reference from a document element Ensure the alignment of normative documents of ministries and departments with this Decree. Send suggestions for the document Listen to audio Get a reference from a document element 10. Control over the implementation of this Decree is entrusted to the Prime Minister of the Republic of Uzbekistan U.T. Sultonov and the Chairman of the Central Bank of the Republic of Uzbekistan F.M. Mullajonov. Send suggestions for the document Listen to audio Get a reference from a document element President of the Republic of Uzbekistan I. KARIMOV Send suggestions for the document Listen to audio Get a reference from a document element Tashkent city, Send suggestions for the document Listen to audio Get a reference from a document element March 30, 2002, Send suggestions for the document Listen to audio Get a reference from a document element No. PF-3047 (Collection of Information of the Oliy Majlis of the Republic of Uzbekistan, 2002, No. 3, Article 51; Nos. 6-7, Article 108; Collection of Legislative Acts of the Republic of Uzbekistan, 2005, Nos. 28-29, Article 202; 2006, Nos. 46-47, Article 452; 2014, No. 29, Article 356; 2017, No. 37, Article 980)