In order to increase the transparency and efficiency of financial operations in Uzbekistan, a draft of new amendments and additions aimed at improving the rules of currency activity has been prepared. The document provides for the regulation of currency exchange, money transfers, and banking activities based on more precise and modern rules.
Within the framework of the project, it is proposed to replace the term "commercial banks" with the word "banks" in a number of clauses, as well as to clarify non-trade money transfers between individuals. The new procedure will allow currency swap and derivative operations between banks and the Central Bank, as well as with clients, to be carried out in accordance with international standards.
At the same time, it is planned to enter information on foreign exchange transactions of banks into the special information system of the Central Bank. A number of benefits are also provided for foreign investors and business entities: the procedure for purchasing foreign currency for the payment of income on securities and the repatriation of funds is being clarified.
The project requires confirmation of the legal sources of funds for currency exchange operations with non-resident individuals. Also, the requirements for transactions with cash foreign currency, acceptance and re-issuance of banknotes were reviewed.
These changes will contribute to the organization of currency transactions in a more transparent, efficient, and modern manner, as well as the development of financial market infrastructure. It is hoped that the new rules will create conveniences for participants in economic activity and strengthen the atmosphere of trust in the currency sphere.
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