Central Bank of Uzbekistan suspends 9 banks from trading on currency exchange

The Central Bank of Uzbekistan suspended 9 banks from trading on the Uzbek Republican Currency Exchange (UzRVB). It is reported by the press service of the regulator.

“Due to systematic violations related to implementation of transactions on the currency exchange (UzRVB), a number of commercial banks temporarily, until clarification of the circumstances, are excluded from participation in the auction (Hamkorbank, Turkiston Bank, HiTech Bank, Universal Bank, Invest Finance Bank, Ipak Yuli , Savdogarbank, Trust Bank, Asia Alliance Bank),” the message reads.

Specific reasons for such decision are not specified.

According to the CB, measures of influence and sanctions for violations of currency legislation were also applied to these banks. During 2018 and for the past period of 2019, penalties for a total amount of 2.5 billion soums were applied 31 times.

At the same time, commercial banks are entitled to conduct foreign currency purchase and sale on the off-counter foreign exchange market (outside UzRVB) and are obliged to satisfy customer requests for the purchase of foreign currency, regardless of their participation in the foreign exchange market, the Central Bank notes.

In case of failure by a commercial bank to purchase and sell foreign currency, bank customers may contact the Central Bank Consumer Protection Service.