Central Bank of Uzbekistan Updates FX Regulations

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan has introduced amendments to the rules governing foreign exchange operations in the country. The decision of the Board dated March 30 has been published on the regulator’s official website.

The Central Bank stated that the main objective of the updates is to create more convenient conditions for capital market participants, simplify currency transactions and increase transparency in foreign currency operations.

Under the new rules, individuals are now allowed to carry out monetary transfers for personal, non-commercial purposes between any bank accounts, regardless of the account holder’s citizenship. Previously, such transfers were limited to transactions between residents.

For foreign citizens, opportunities for conducting domestic foreign exchange operations have been expanded, including contributions to company charter capital, donation transfers and inheritance-related transactions.

Legal entities are exempt from providing additional documentation when purchasing foreign currency for settlements related to foreign currency securities. The issuer’s founding document is now considered sufficient justification.

Foreign investors are also granted the right to freely repatriate income from the sale of securities on the domestic stock market, as well as dividends and coupon payments on bonds. Such operations require only an application for the purchase of foreign currency in the necessary amount.

Another change simplifies procedures for legal entities, allowing minor technical and spelling errors in currency purchase applications to be corrected without rejection. The Central Bank noted that this measure will reduce administrative delays.

All currency exchange operations, including online transactions, will be recorded in a dedicated Central Bank system called FERUz, which is expected to improve monitoring and analysis of the foreign exchange market.

In addition, the procedure for issuing cash foreign currency has been clarified. Individuals will be able to withdraw funds within their account balances without additional restrictions, while legal entities must confirm the purpose of transactions, including business travel or the return of foreign currency contributions to charter capital.