On the Introduction of the National Currency of the Republic of Uzbekistan

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OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.01.00 General Issues;
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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]
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TSZ:
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Finance / Monetary System. Accounting;
2.
Finance / Currency Regulation. Precious Metals (Stones)]

Decree of the President of the Republic of Uzbekistan

ON THE INTRODUCTION OF THE NATIONAL CURRENCY OF THE REPUBLIC OF UZBEKISTAN

In accordance with Article 122 of the Constitution of the Republic of Uzbekistan,
Article 11 of the Law "On the Fundamentals of State Independence of the Republic of Uzbekistan"
and Decision No. 952-XII of the Supreme Council of the Republic of Uzbekistan dated September 3, 1993:
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OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.01.00 General Issues]

1. Starting from July 1, 1994, the national currency of the Republic of Uzbekistan — the "Soom" — shall be introduced into circulation in the territory of the Republic of Uzbekistan at a ratio of 1 "Soom" to 1,000 coupon-sooms.

2. The composition of the republican commission on the introduction of the national currency is approved in accordance with the Appendix. The resolution of all urgent and current issues related to the exchange of cash and money circulation is entrusted to the Commission.

3. The national currency of the Republic of Uzbekistan "Soom" is issued into cash circulation in the form of banknotes /banknotes/ with a value of 1, 3, 5, 10, 25, 50, 100 "Sooms" and metal coins with a value of 1, 3, 5, 10, 20, 50 "Tiyins" by the Central Bank of the Republic of Uzbekistan.
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   OKOZ:
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   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]

4. It is established that:

Starting from July 1, 1994, the "Soom" is considered a legal tender in the territory of the Republic of Uzbekistan;

"Sooms" and "Tiyins" must be accepted without any restrictions by all physical and legal persons, regardless of the form of ownership, in the territory of the Republic of Uzbekistan for all types of payments, as well as for depositing by banks into deposits and accounts;

In the territory of the Republic of Uzbekistan, along with the national currency — "Soom", the use of freely convertible currency as a means of payment is permitted in the established order.
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OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.01.00 General Issues]

5. In order to create the necessary conditions for the population to exchange coupon-sooms and to ensure a non-rushed transition to the national currency:

— Banking institutions of the Republic of Uzbekistan shall cease the issuance of coupon-sooms into circulation starting from July 1, 1994;

— Until August 1, 1994, the acceptance of coupon-sooms without any restrictions at a ratio of 1 "Soom" to 1,000 coupon-sooms, along with the national currency, for all types of payments, as well as for citizens' deposits and money transfers within the Republic of Uzbekistan, is permitted. All trading organizations and other enterprises, institutions, and establishments of the republic providing services to the population shall ensure the unconditional execution of this clause.

The Ministry of Internal Affairs of the Republic of Uzbekistan, together with the State Tax Committee and interested ministries and departments, shall hold persons guilty of refusing to sell goods and provide services for coupon-sooms strictly accountable during the period when coupon-sooms and "Sooms" are in circulation in equal measure. [ OKOZ:
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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]

6. The Central Bank, "UzSanoatQurilishBank", "UzDehqonChilikSanoatBank", and other banks of the republic shall ensure that wages for the second half of June 1994, as well as pensions, allowances, and scholarships for July 1994, are paid in "Sooms" from June 28 to July 5, 1994.

7. Representative banks of the republic shall ensure the unrestricted exchange of freely convertible currency into "Sooms" of the Republic of Uzbekistan at the rate set by the Central Bank of the Republic of Uzbekistan through the relevant points starting from July 1, 1994.

8. Regardless of the form of ownership, all economic entities and banking institutions of the republic shall recalculate funds in accounts, deposits, and liabilities, as well as the amounts of wages, pensions, scholarships, and other payments, as of July 1, 1994, at a ratio of 1 "Soom": 1,000 coupon-sooms.

9. Taking into account that starting from August 1, 1994, all types of payments throughout the territory of the Republic of Uzbekistan are carried out only with the national currency "Soom", it is recommended that the population deposit remaining coupon-sooms into deposits without restrictions until August 1, 1994.

"UzJamiyatBank", which has a savings branch, and other commercial banks of the republic shall cease accepting coupon-sooms into deposits starting from August 1, 1994.

10. "UzJamiyatBank", which has a savings branch, and other commercial banks of the republic shall carry out operations on personal accounts of the population for deposits only by means of settlement checks, checkbooks, or money transfers according to the instructions of depositors until September 1, 1994, and starting from September 1, 1994, provide "Sooms" and "Tiyins" according to the wish of the depositors.

11. The normative documents developed by the Central Bank of the Republic of Uzbekistan on the mechanism of introducing the national currency are approved.

12. Starting from July 1, 1994, regardless of the form of ownership, state regulation of funds allocated for payment of labor remuneration to all economic entities is introduced.

The Ministry of Finance of the Republic of Uzbekistan shall deliver the necessary instructions for this to economic entities within ten days.

13. The control over the organization of work on the introduction of the national currency – "Soom" and the timely collection of coupon-sooms in circulation is entrusted to the Central Bank of the Republic of Uzbekistan.

14. The Cabinet of Ministers of the Republic of Uzbekistan shall adopt the relevant
    resolution to implement this Decree.

See: Resolution No. 307 of the Cabinet of Ministers dated June 20, 1994 "On Organizational Measures for the Introduction of the National Currency of the Republic of Uzbekistan".

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

June 16, 1994,

PF-870