CB: Foreign investors have transferred abroad about $700 million in profits from Uzbekistan this year

Since the beginning of the year, foreign investors transferred abroad about $700 million from the profits made in Uzbekistan, Kun.uz correspondent reports.

“About $700 million for the seven months of this year,” CB head Mamarizo Nurmuratov said, answering a corresponding question from Kun.uz.

This year, amendments were made to the procedure for commercial banks to introduce non-resident accounts in national and foreign currencies, which made it easier for foreign companies to repatriate profits.

Funds in foreign currency of non-residents, doing business in Uzbekistan through a permanent establishment, can be freely transferred to accounts outside the country.

In March, Asia Frontier Capital (AFC), a Hong Kong-based fund, said it had successfully completed the first conversion and repatriation of funds from the sale of Uzbek shares for more than a decade.