The Central Bank has put up for public discussion a draft law on further expanding the requirement for an identity document when purchasing US dollars in cash. It is proposed to raise the current $100 limit to $500. This will allow commercial banks to take specific and effective measures to identify and verify persons buying foreign currency.
The draft also requires identification of the client's identity in transactions without opening or using a bank account for an amount equal to or exceeding 500 times the basic calculated value. In practice, these rules are set with a strict limit of 175 million soums.
Public discussion will continue until April 4, and citizens can submit their comments. This step is aimed at ensuring the transparency of economic transactions and protecting the rights of clients, as well as legality in the process of purchasing foreign currency through banking services.
These changes will not only create conveniences for the population, but will also increase the efficiency of the national financial market and make cash purchases more free and easy.
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