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Uzbekistan simplifies currency transactions policy

3 September 2020

A unified procedure for conducting foreign exchange transactions by unifying the norms of bylaws in the field of foreign exchange regulation will be determined, Trend reports citing Norma information and legal portal.

The procedure of maintenance by commercial banks of accounts of residents and non-residents in a foreign currency will be regulated, as well as carrying out transactions for the purchase, and sale of foreign currency by economic entities in the domestic foreign exchange market.

The rules will be abolished, according to which individuals were required to provide a copy of their passport to carry out a foreign exchange transaction, and the presence of a mandatory reserve of funds on the client's accounts, as well as the norms that required unnecessary spending of time and documents when carrying out foreign exchange transactions with bank clients.

The process of converting the funds of business entities will be simplified, as well as the procedure for banks to consider their applications for the purchase of foreign currency.

Conveniences will be provided when using the purchased currency, in particular, the ability to re-conduct transactions with foreign currency funds, which for various reasons were returned to the account.

The procedure for formalizing exchange operations, the number of employees of exchange offices, security requirements, and their monitoring are established by commercial banks independently.