Uzbekistan launching new Single Cross-border Money Transfers system

The government has adopted a resolution on measures to launch a payment system that ensures the timely transfer of cross-border remittances.

Photo: RIA Novosti

In order to implement cross-border money transfers from abroad to Uzbekistan, a payment system "Single Cross-border Money Transfers" will be established on the basis of the National Bank for Foreign Economic Activity (NBU).

The payment system carries out settlements on cross-border transactions for its participants (credit institutions) through correspondent accounts.

JSC "Asia-Invest Bank" (Moscow) is one of the settlement banks in the Russian Federation for cross-border transactions implemented through this payment system.

A loan allocation project will be developed to cover the employment costs of Uzbek citizens working in Russia.