16:46 / 04.05.2023

Central Bank opposes P2P control

“We will not allow this until full compliance with bank secrecy norms is ensured,” Mamarizo Nurmurodov, CB chairman, said in response to a question posed by a Kun.uz correspondent about the control of card-to-card transfers. According to him, the regulator has conveyed its negative attitude to the ministry.

The Central Bank of Uzbekistan does not support the government’s efforts to keep track of transfers between bank cards. Mamarizo Nurmurodov, the head of the regulator, informed about this at the press conference held on May 4 in response to the Kun.uz correspondent question.

“The fact that we did not convey our opinion through the press should not be considered as the fact that the Central Bank did not express its opinion. After this decree was issued, we conveyed our negative attitude to the Tax Committee, the Ministry of Economy and Finance.

Our views are stronger than those discussed in the mass media, and we delivered it.

We still don’t know what the main purpose of this is. This item will not apply from May 1. The main thing is that if the constitutional norm you mentioned, the principles of immunity norms in the banking legislation are not fully implemented, the regulations and other views on its practical application will not be approved by the Central Bank. Because this thing should be implemented after the regulation or instruction agreed with the Central Bank,” Nurmurodov said.

According to the CB chairman, there should be a certain procedure, a regulation for requesting information from banks, and this regulation cannot be communicated to banks without agreement with the Central Bank.

“We will not allow this until full compliance with the norms of the Constitution and the bank secrecy set by the banking law,” the head of the monetary policy body said.

It should be recalled that the Ministry of Economy and Finance requires banks and payment organizations to issue an invoice for card-to-card transfers and submit it to the tax authorities. This ministerial request was supposed to come into force on May 1.

Kun.uz wrote several times about the contradiction of this requirement to the Constitution, laws on banks and payment organizations. So far, neither the ministry nor the committee has reacted to this issue.

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