Uzbekistan may allow cash dollar purchases up to $500 without a passport

The Central Bank of Uzbekistan has proposed a draft document for public discussion that seeks to ease the requirements for purchasing foreign currency. Under the new proposal, the threshold for purchasing cash foreign currency without presenting a physical ID could be increased from the current $100 to $500.

Photo: Morteza Nikoubazl / Zuma / TASS

The draft suggests that commercial banks should perform "due diligence" (identity verification) on individuals only when the amount of foreign currency being purchased exceeds the equivalent of $500. Currently, banks are required to verify the identity of any person purchasing more than $100 in cash.

Changes to transaction monitoring thresholds

In addition to currency exchange rules, the Central Bank is proposing adjustments to the identification requirements for other financial operations.

Under current regulations, banks must verify a client's identity for any transaction equal to or exceeding 500 times the base calculating unit (BCU), which currently totals approximately UZS 206 million, when the operation is performed without opening or using a bank account. The new draft proposes replacing this variable BCU-linked figure with a fixed threshold of UZS 175 million.

Public discussion and implementation

The proposed changes aim to simplify minor financial transactions for citizens while maintaining necessary oversight for larger sums. The key highlights of the proposal include:

Increasing the "no-ID" limit for cash currency purchases to $500.
Setting a fixed UZS 175 million limit for identity checks on non-account transactions.
Aligning local banking practices with modern "due diligence" terminology.

The public discussion for this draft document is scheduled to continue until April 4. Stakeholders and citizens are encouraged to review the proposal before any final decision is made by the regulator.