On the Establishment of the National Bank of Foreign Economic Activities of the Republic of Uzbekistan

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks] [ TSZ: 1. Finance / Banks and other credit institutions. Credits]

Decree of the President of the Republic of Uzbekistan

ON THE ESTABLISHMENT OF THE NATIONAL BANK OF FOREIGN ECONOMIC ACTIVITIES OF THE REPUBLIC OF UZBEKISTAN

In accordance with the Law of the Republic of Uzbekistan "On the Fundamentals of State Independence of the Republic of Uzbekistan", to implement an independent policy in the field of international economic relations, to ensure service for foreign economic activity and increase its efficiency, and to accumulate the republic's currency funds and use them for specific purposes:

1. The National Bank of Foreign Economic Activities of the Republic of Uzbekistan is established.

2. It is established that the National Bank of Foreign Economic Activities of the Republic of Uzbekistan shall build its mutual relations with other banks on a contractual basis, and carry out operations in foreign currency in accordance with Article 17 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity". [ OKOZ:

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 Matters of Currency Regulation]

3. It is established that the currency funds of legal entities and citizens in the Republic of Uzbekistan are held in the National Bank of Foreign Economic Activities and in other authorized banks operating within the republic.

Legal entities and citizens of the republic shall transfer their currency funds to the accounts of these banks by November 1, 1991. [ 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]

Currency accounts outside the territory of the republic may be opened only with the permission of the State Bank of the Republic of Uzbekistan. [ OKOZ: 1. 01.00.00.00 Constitutional Order / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00)]

4. The Cabinet of Ministers under the President of the Republic of Uzbekistan:

take measures to establish the charter and reserve funds of the National Bank of Foreign Economic Activities of the Republic of Uzbekistan, create and strengthen its material and technical base, and ensure it with highly qualified specialists;

develop and approve the charter of the National Bank of Foreign Economic Activities within one month, as well as prepare proposals for amendments and additions to the Law of the Republic of Uzbekistan "On Banks and Banking Activity" arising from this Decree.

See: Resolution of the President of the Republic of Uzbekistan dated November 30, 2019, No. PQ-4540 "On Measures for the Reorganization of the Unitary Enterprise 'National Bank of Foreign Economic Activities of the Republic of Uzbekistan' into a Joint Stock Company", Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated January 21, 1993, No. 45 "On the National Bank of Foreign Economic Activities of the Republic of Uzbekistan".

5. The State Bank of the Republic of Uzbekistan shall provide practical assistance to the National Bank of Foreign Economic Activities of the Republic of Uzbekistan in organizing its work.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent,

September 7, 1991,

No. PF-244 (Information Bulletin of the Supreme Council of the Republic of Uzbekistan, 1991, No. 11, Article 231)