The rules for the implementation of foreign exchange transactions are changing

A resolution of the Board of the Central Bank “On Amendments and Additions to the Rules for Carrying Out Currency Transactions in the Republic of Uzbekistan” was adopted (registration of the Ministry of Justice of 25.03.2021, No. 3281-1).

The document was adopted in accordance with the law of the Republic of Uzbekistan “On currency regulation” and the Decree of the President of the Republic of Uzbekistan dated August 24, 2020 No. UP-6044 “On measures to radically improve licensing and licensing procedures.”

First, the period for making settlements between a commercial bank and a client-economic entity on applications for the purchase or sale of foreign currency has been shortened, the approval of which has been approved. Now, settlements are made no later than the next banking business day (earlier – no later than two banking business days).

Secondly, the resale by a business entity to a commercial bank of a foreign currency previously debited from a special foreign currency account and not used, as well as returned for other reasons, foreign currency is carried out without acceptance at the market rate formed on the basis of supply and demand on the day of sale (previously – at the rate of the currency exchange).

Thirdly, now, the import of foreign currency cash by commercial banks into the territory of the Republic of Uzbekistan is carried out in the manner of notification of the Central Bank of the Republic of Uzbekistan (earlier – the import and export of foreign currency cash was carried out on the basis of permission from the Central Bank). At the same time, notifications on the import of foreign currency cash into the territory of the Republic of Uzbekistan must be submitted by commercial banks to the Central Bank within three days. The export of foreign currency cash by commercial banks from the territory of the Republic of Uzbekistan is carried out on the basis of the permission of the Central Bank (paragraph 471).