New reform in the field of currency and precious metals: fines are being canceled

Important reforms are beginning in Uzbekistan in the field of economic relations and circulation of precious metals. A new draft law, adopted in the first reading by deputies of the Legislative Chamber, creates the basis for serious changes in the country's economy and business environment.

According to current regulations, not selling the mandatory portion of foreign exchange earnings leads to heavy fines for officials. Specifically, an administrative fine of 8 to 12 times the BCU (equivalent to 3 to 4.5 million soums) is currently imposed for this violation. Now it is planned to abolish this sanction. With the adoption of the law, more favorable and relaxed conditions will be created for economic entities.

In addition, the new bill aims to redefine and uniformly apply concepts in the legal circulation of precious metals, stones, and currency values. In particular, amendments will be made to the Criminal Code and the Administrative Responsibility Code introducing new norms of administrative and criminal liability for illegally acquiring or transferring precious metals and stones.

As noted by Shamsiddin Sokhibnazarov, head of the Department for Combating Economic Crimes under the General Prosecutor’s Office, since 2020, 99 cases related to the illegal circulation of precious metals and stones have been identified. In the last four years alone, gold, silver, diamonds, and emeralds worth 44 billion soums have been confiscated from violators.

The new law document is aimed at harmonizing legal norms in the circulation of currency and precious metals, preventing violations, and strengthening state control. The main goal is to ensure uniform and fair application of rules and to create a transparent and competitive environment for market participants.

The ongoing reforms are also strategically important for the country in terms of doing business, investment activity, and adaptation to international standards. Legal changes aim to prevent violations early, restrict the illegal circulation of valuable resources, and ensure overall economic balance.

If the new bill is implemented, it is expected that trust and cooperation between the state and business in the currency and precious metals market will be further strengthened. Although the bill has only passed the first reading, its implementation may open new opportunities for the national economy in the near future. Read 'Zamin' on Telegram!