Central Bank of Uzbekistan simplifies foreign currency exchange rules

The Central Bank of Uzbekistan has adopted a resolution introducing comprehensive amendments and additions to the rules governing foreign currency operations. The new measures, registered by the Ministry of Justice on April 22, aim to simplify bureaucratic procedures for businesses, increase transparency through digitalization, and provide greater flexibility for individual users.

Photo: Kun.uz

One of the primary updates addresses a long-standing issue for legal entities. Previously, orders to purchase foreign currency were frequently rejected due to minor technical or spelling errors. Under the new rules, customers are permitted to make technical corrections to their orders without facing an automatic rejection. The regulator noted that this change is designed to save significant time for entrepreneurs and streamline corporate banking processes.

In a move to modernize oversight, the Central Bank has mandated that all currency exchange operations, including those conducted online through mobile applications, must be recorded in a unified electronic system. This integration is expected to allow the regulator to monitor market trends more effectively and ensure a more transparent exchange environment.

The updated regulations also clarify the procedures for withdrawing cash foreign currency from bank counters. While individuals retain the right to withdraw funds from their accounts without restriction, legal entities may only withdraw cash currency for specifically defined and documented purposes.

Furthermore, the resolution introduces several conveniences for physical persons. All individuals, regardless of their citizenship, are now permitted to transfer funds to one another via bank accounts for personal, non-commercial purposes. Foreign nationals residing in or visiting Uzbekistan have also been granted the right to conduct internal currency operations related to making contributions to charter funds, performing charitable donations, or handling inheritance matters.

Participants in the capital market will also see a reduction in administrative hurdles. Legal entities purchasing foreign currency to make payments on securities issued in foreign denominations will no longer be required to provide excessive documentation; a document confirming the issuance of the securities will now suffice as a legal basis. Additionally, foreign investors are now empowered to freely repatriate funds obtained from the sale of securities on the domestic stock market upon request.

The Central Bank resolution was originally adopted on March 30, 2026, and officially entered into force following its registration and publication.