Banks are making changes to the rules of currency transactions

Currently, an addendum is being introduced providing that funds of non-resident individuals in foreign currency can be accepted at the bank's cash desk and on the basis of other documents confirming their legal presence on the territory of the republic. A draft resolution of the Board of the Central Bank ”on amendments and additions to the rules for conducting currency transactions in Uzbekistan" has been published.
The draft resolution provides for the introduction of some editorial and technical changes related to the simplification of the rules for currency transactions by residents and non-residents in Uzbekistan and further clarification of some concepts.

In particular:

in order to harmonize the rules with the norms and requirements established by regulatory legal acts adopted after state registration, appropriate changes are made;

Based on the fact that the rules establish the procedure for residents and non-residents to perform exclusively currency transactions, the independent use of accounts in national currency by non-residents is established in accordance with the procedure established by law.;

the documents that must be submitted by business entities to the servicing banks when buying foreign currency are clearly spelled out;

In order to repay debts on loans (leases) in foreign currency received from banks of Uzbekistan, it is established that the conversion of funds in national currency (recovered from bank customers) transferred to the relevant accounts and the collection of customer debt in foreign currency are carried out by banks independently;

in order to further facilitate the consideration by commercial banks of orders submitted by business entities for the purchase of foreign currency, a mechanism for preliminary control of submitted orders by the bank's servicing department is being put into practice, returning them to customers to eliminate obvious shortcomings;

in order to create additional amenities for non-resident individuals, an addendum is introduced providing that their funds in foreign currency can be accepted at the bank's cash desk on the basis of other documents confirming their legal presence on the territory of the republic;

in order to provide additional convenience to users, the procedure for issuing foreign currency in cash from the bank's cash desk, established by various paragraphs of the rules, is introduced as a separate item, generalized.