Banks and business are introducing a limit on valuta transactions

At the request of the central bank, now the economic entities are able to carry out valuta transactions only in the bank where the main account is opened. Entrepreneurs will have to receive a positive conclusion from the relevant structure of the bank in order to buy foreign valuta. Banks are warned that their participation in the valuta exchange will be limited if they do not fulfill new requirements.
The Central Bank of Uzbekistan has been strengthening the requirements for valuta operations for commercial banks since September 18. The decision on this was made at the meeting of the Central bank Banking Supervision Committee on September 15, and then by the management of the regulator. Based on several independent sources in the banking industry about this, Gazeta.uz reports.

It turns out that the transactions of economic entities with foreign Valuta purchases and valuta transactions are now required to be carried out only by banks with the opening of their main account.

In addition, banks were instructed to establish strict control over transactions related to the sale of foreign Valuta to entrepreneurs. The sale of foreign Valuta to entrepreneurs is carried out on the basis of the conclusions of the Constituent branches of banks – expert groups led by Deputy Chairmen of banks.

Banks are also prohibited from transferring customers ' funds from their primary accounts to secondary accounts in other banks for the purpose of valuta conversion.

In addition, banks were instructed to take measures to close secondary special valuta accounts opened in other banks of economic entities with clients. In other words, customers must close their special accounts in other banks, have only one account, that is, make the conversion through only one bank.

It is noted that for the purpose of maintaining accounting and movement of purchased Valuta within the country, special valuta accounts are used when exchanging valuta. Valuta exchanged in a special account can be used for other purposes provided for by the payment under the import contract or conversion. Free valuta, which comes from exports or other receipts (charter, debt), falls into customers ' current valuta accounts.

In addition, according to the source of the publication, transactions on satisfied applications are allowed to be completed within 7 working days from the date of purchase of valuta. The interlocutor noted that this could now mean that banks will consider entrepreneurs ' applications for the purchase of valuta in a period of up to 7 days. That is, it is assumed that valuta funds will be credited to buyers ' accounts within a week after the purchase order is placed. The process now takes about a day.

At the moment, Gazeta.uz another source of ' expressed doubts that such an interpretation of the regulatory assignment is correct, since the valuta courses change every day, as a result of which the course on the day of the order of the valuta purchase by the entrepreneur and the course on the day of the entry of the Valuta into the entrepreneur's account differ. According to him, the point may be that the client is going about the obligation to use the funds in the foreign currency that he bought within 7 days from the moment of his entry into a special valuta account (such items are already in some bank contracts).

In this situation, there is a need for clear explanations from the central bank.

The message said that the heads of all commercial banks were warned that restrictions on the implementation of valuta transactions, as well as restrictions on the participation of banks in trading on the Republican valuta exchange, will be established in case of failure to fulfill new requirements.

For information, since the beginning of this year, the depreciation of the sum in relation to the main foreign valutes has reached 8 percent. For comparison, last year the devaluation of the sum did not reach 4%. Since the beginning of the year, as well as gold-valuta reserves have decreased by $ 3.1 billion.