Uzbekistan's President signed a decree on August 27 approving the 'New Uzbekistan Customs — 2030' strategy. The plan includes a proposal to increase the threshold for taking cash currency out of the country without a customs declaration to $10,000. This move is seen as an effort to simplify border procedures and reduce bureaucratic hurdles for citizens.

Currently, individuals can carry up to 100 million soums (approximately $8,453 at the official exchange rate) without declaring it, a rule that has been in place since September 2023. The proposed change would raise this limit to $10,000, providing greater flexibility for travelers and businesses, though it will require legislative amendments.

The State Customs Committee, together with the Ministry of Economy and Finance, the Central Bank, and the Ministry of Justice, has been tasked with drafting the necessary bill and submitting it to the Cabinet of Ministers by December 2027. This timeline suggests a careful approach to aligning national regulations with international norms.

Under current rules, exporting amounts exceeding 100 million soums is only allowed in exceptional cases, such as for government delegation members on official trips abroad, or for participants and winners of international competitions. Non-residents are only permitted to take out the remaining balance of previously imported and declared currency.

Central Bank Governor Timur Ishmetov had earlier stated that following the liberalization of the currency market and the shift to a flexible exchange rate, the next phase of reforms would involve further opening the capital account operations. He emphasized that the goal is to grant investors more freedom while maintaining protective mechanisms, which is expected to stimulate economic growth.

Source: www.gazeta.uz