The Central Bank of Uzbekistan has amended and supplemented the rules for conducting currency transactions. The relevant resolution of the regulator's board dated March 30 was registered by the Ministry of Justice on April 22 and came into force after official publication.
Under the new norms, opportunities for individuals have been expanded: now, regardless of citizenship, they can transfer money to each other through bank accounts for personal (non-commercial) purposes.
Additionally, foreign citizens are now allowed to conduct currency transactions related to contributions to the authorized capital, charity, and inheritance within the country.
Relief has also been provided for businesses. In particular, legal entities are no longer required to provide excessive documents when purchasing foreign currency for payments on securities — confirmation of their issuance is sufficient.
Foreign investors can purchase currency for repatriation of proceeds from the sale of shares on the exchange, payment of dividends, interest (coupons), or redemption of bonds. The process has been simplified as much as possible — now it is carried out based on the investor's application.
An addition was made to clause 24 of the rules, allowing clients to make “technical corrections” to an incorrectly executed application for currency purchase. Previously, such applications could be rejected by the bank without the right to prompt correction.
Special attention was paid to the development of operations with financial instruments. Banks and the Central Bank can now conduct currency swaps and derivative operations based on the international standards of the International Swaps and Derivatives Association (ISDA) or the rules of the currency exchange.
The procedure for issuing cash foreign currency from client accounts was clarified: a new clause was added prohibiting banks from re-circulating slightly damaged banknotes (holes, stains, wear). Such banknotes must be withdrawn from circulation by the bank for subsequent collection/exchange.
The rules also establish the procedure for using the Central Bank's information system “Currency Operations Accounting” (FERUz). Banks are required to enter data on all currency purchase and sale transactions, including swaps and derivatives, into this system in real time.
Source: www.gazeta.uz