New rules on foreign exchange transactions
01 Sep 2020
On 1 September 2020, the resolution of the Board of the Central Bank of Uzbekistan concerning foreign exchange transactions entered into force. It facilitates and simplifies transfe procedures and reduces certain obligations. Furthermore, the resolution sets one single procedure for foreign exchange transactions, combines in one act relevant rules and abolishes legal acts that used to govern the matter.
Main amendments include:
1) revocation of excessive documentation submission requirements by banks and customers,
2) abolition of a requirement to reserve funds on a client's account for participation in foreign exchange trades.
3) cancellation of registering and certifying foreign exchange points by the Central Bank,
4) granting banks independence in determining FOREX transaction procedures, security requirements, monitoring procedure, etc.
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Type:
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Treatment and operation (Capital transfer and FOREX)
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Industry:
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