Central Bank simplifies implementation of foreign exchange transactions

The rules for carrying out foreign exchange transactions in the Republic of Uzbekistan, approved by the Board of the Central Bank, have been registered at the Ministry of Justice.

This act was adopted through the unification of 5 existing departmental regulatory legal acts in the field of currency regulation and entered into force on September 1, 2020.

These rules introduce the following innovations in the implementation of foreign exchange transactions:

- the rule requiring the copy of passport from individuals when they conduct currency transactions has been excluded;

- the norms related to requiring the submission of unnecessary documents when conducting foreign exchange transactions by banks and customers have been canceled;

- the procedures for converting the funds of economic entities and the procedure for consideration by banks of applications submitted for the purchase of foreign currency have been simplified;

- the requirement to reserve funds on the client’s personal account for participation in trading on the currency exchange has been canceled;

- additional conveniences have been created for the use of purchased funds, in particular, it became possible to reuse funds by bank customers returned for various reasons to their special personal account;

- the practice of registration by the Central Bank of exchange offices and issuing certificates to them has been canceled;

- banks are independent in determining the procedure for processing currency exchange operations, the number of employees and security requirements at exchange offices, their monitoring procedure and other requirements.