CB cancels new restrictions on currency transactions

The Central Bank of Uzbekistan canceled the new restrictions on foreign exchange transactions imposed on commercial banks and business entities. Mamarizo Nurmuratov, Chairman of the Board of CB Management, informed about this at the press conference held on September 16, Gazeta.uz correspondent reports.

Earlier, it was reported that this decision was taken at the meeting of the CB Bank Control Committee held on September 15.

In particular, starting from September 18, transactions related to the purchase of foreign currency and foreign exchange operations of business entities should be carried out only through banks where the main account has been opened.

At the press conference held at the Central Bank on Saturday, Mamarizo Nurmuratov said that the previous decision was canceled and commercial banks were warned about it.

“We did not see any positive opinions on this decision. There is such a concept in philosophy: a decision not made by society is a wrong decision. Regardless of what purpose it was aimed at, we sat down late at night and assembled the banking committee based on this very principle. The committee made a decision to cancel this decision,” Nurmuratov said.

Also, a photo of the relevant instruction letter of the CB to commercial banks regarding non-implementation of restrictions was also circulated on social networks. It noted that the decision of the banking committee on September 15 was canceled.