Uzbekistan to introduce simplified regulation of currency operations

In accordance with the resolution of the Cabinet of Ministers “On approval of the program on development of draft laws and their introduction to the Legislative Chamber of Oliy Majlis of the Republic of Uzbekistan in 2019”, the draft law “On currency regulation” will be developed in a new edition.

It envisages the followings:

inventory of sectorial statutory documents, regulating all aspects of foreign exchange operations with a maximum reduction of the norms in the field;

simplification of foreign exchange operations based on profound study of international experience and needs of entrepreneurs;

strengthening the guarantee of rights of individual and legal entities to free access to their capital in foreign currency;

regulating operations with capital movements, taking into account economic interests of the country;

further improvement and liberalization of the foreign exchange market;

further simplification of the practice of exchanging funds, received by entrepreneurial activities of non-residents in the Republic of Uzbekistan, to foreign currency.

Responsible executors of the draft law are the Central Bank, the Ministry of Finance, the Ministry of Economy and Industry. It should be submitted to the Cabinet of Ministers by March 1, 2019 with approximate term of inclusion to the Legislative Chamber – by April 1, 2019.