Significant changes are anticipated in Uzbekistan's financial sector as the Board of the Central Bank, in collaboration with the Department for Combating Economic Crimes under the General Prosecutor's Office, has developed proposals to liberalize rules for purchasing foreign currency. This initiative aims to simplify procedures for individuals and optimize banking controls.

According to the draft project, the threshold amount at which commercial banks are required to request identity verification documents will be substantially increased. Currently, banks must conduct proper customer due diligence for currency purchases exceeding $100. The new rules propose raising this threshold to $500.

Beyond currency operations, the changes will also affect other banking transactions conducted without opening an account. Instead of the current threshold of 500 Basic Calculation Units (BRV), mandatory customer verification will be tied to a fixed sum. It is proposed to set this limit at 175 million Uzbek soums.

These innovations are intended to reduce the administrative burden on the banking sector and enhance the convenience of financial services for the population. Public discussion of the presented draft law will continue until April 4 of the current year, allowing for input from citizens and experts.

Source: podrobno.uz