The Central Bank of Uzbekistan has enacted a sweeping set of amendments to its basic currency operation regulations, effective April 22, 2026. The changes, introduced by Resolution No. 10/9 of March 30, 2026, aim to liberalize the foreign exchange market, enhance transparency, and attract foreign investment by removing restrictions on cash withdrawals, tightening banknote quality standards, and streamlining procedures for non-residents.
The most significant change is the removal of all limits on cash foreign currency withdrawals for individuals. Account holders can now withdraw any amount up to their account balance in a single transaction. For example, a client with $50,000 in a dollar account can withdraw the entire sum at once. Legal entities, however, remain restricted: only representative offices and branches of foreign companies may withdraw cash for employee business trips, and diplomatic missions may do so for other purposes upon official request to the bank.
Banks are now prohibited from returning damaged banknotes to circulation. Notes with tears, stains, patches, or other defects as defined in paragraphs 37 and 38 of the Basic Rules must be sent for collection. Customers will receive only clean, undamaged banknotes. The customer's right to exchange damaged notes remains intact: banks must exchange notes fit for circulation and accept unfit ones for collection.
Foreign individuals gain access to non-trade transfers. The revised rules remove citizenship-based restrictions, allowing any individual with an account in an Uzbek bank to send and receive non-trade currency transfers to and from accounts of other individuals in Uzbek banks. This facilitates financial transactions for expatriates and travelers.
Foreign investors can now repatriate dividends and income from securities through a single application. The new provisions, linked to Presidential Decree PF-254, allow non-residents to purchase currency for repatriation without the previously required package of supporting documents and separate approvals for each transaction. This is expected to boost foreign participation in Uzbekistan's stock market.
Foreign tourists can now receive VAT refunds (Tax Free) in cash at bank counters. Previously, refunds were only available via card, transfer, or voucher. Additionally, banks may accept cash currency from non-resident individuals based on documents confirming the lawful origin of funds, including alternative documentation beyond the standard package.
The Central Bank is consolidating all currency market oversight through the FERUz system. Banks must now record all currency purchase and sale transactions—cash, non-cash, interbank, and forward—in the system. The registration process requires banks to submit data on exchange offices, branches, and points to territorial Central Bank departments, which register them within five business days. ATM transactions are exempt from FERUz reporting.
Currency swaps and derivatives will now be conducted in accordance with ISDA standards. The Central Bank and commercial banks may enter into such agreements directly with each other, with clients, or through the currency exchange. The amendments also allow clients to correct technical errors in currency purchase applications without resubmission, and applications are considered accepted upon registration.
Finally, the resolution replaces the term 'commercial banks' with 'banks' throughout the regulations, unifying the rules for all types of banks—commercial, specialized, and state-owned. This ensures a single regulatory framework for the entire banking sector in Uzbekistan.
Source: kun.uz