The Central Bank of Uzbekistan has put forward a draft document for public discussion proposing to increase the threshold requiring identity verification for purchasing foreign cash currency from $100 to $500. If adopted, this change would significantly simplify currency transaction rules in the country and reduce the burden on the banking system.

The draft joint resolution by the Central Bank and the Prosecutor General's Office establishes a requirement for commercial banks to conduct proper verification of individuals purchasing foreign currency exceeding the equivalent of $500. Currently, this threshold is set at $100, creating additional administrative barriers for many ordinary citizens and small entrepreneurs.

The draft also proposes amendments to customer verification requirements in another case: for transactions conducted without opening a bank account or using an existing account. Under current rules, banks must verify a client's identity for transactions equal to or exceeding 500 times the base calculation amount (currently 206 million soums). The proposed draft sets a fixed threshold of 175 million soums in this regard.

The Central Bank's initiative is seen as part of broader efforts to streamline financial operations and improve access to banking services in the country. However, experts warn that these changes could increase risks of financial crimes, as verification for substantial currency transactions might be weakened.

Public discussion of the draft will continue until April 4, after which proposals will be reviewed by the Central Bank and a final decision made. This process is being monitored by financial sector participants, entrepreneurs, and citizens, as the changes would directly impact their daily currency operations.

Source: kun.uz