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President signs new version of Banks Law

The President Shavkat Mirziyoyev signed the new version of the Banks and Banking Activities Law.  The text of the document was published on November 6 on the website of «Narodnoe Slovo» newspaper.

The minimum size of the authorized capital for opening a bank is prescribed – 100 billion soums. In a previous version of the law, the authorized capital of banks was determined by the Central Bank.

To obtain permission, you must provide a business plan for the next three years. Previously, a business plan was also provided, but without fixed deadlines for the future.

In addition, in order to obtain permission, copies of draft credit, investment and issuing policies of the bank, draft regulations on the bank’s internal audit service and others are required.

An application for a preliminary permission to establish a bank must be considered by the Central Bank within three months from the date of submission of all documents.

Banks received the right to issue, use and redeem electronic money, sell and buy coins made of precious metals, conduct operations without opening bank accounts and much more.

Now, banks are not entitled to directly engage in production, trade, insurance and other activities not related to the implementation of financial transactions provided for by the legislation on banks and banking activities.

Banks are independent in making decisions related to financial transactions. State bodies and their officials are prohibited from interfering in the activities of banks, including the management of entrepreneurial risks associated with the formation of a loan portfolio and bank assets, the appointment of senior bank employees, as well as demanding various kinds of payments and contributions from the bank.