Uzbek Banks Switch Technical Operator for Zolotaya Korona System
Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistani commercial banks, in coordination with the rapid money transfer service Zolotaya Korona, are working to transition to a new technical operator following European Union sanctions against the payment system’s correspondent bank. This was announced on July 29 by Otabek Tojiddinov, Head of the Currency Regulation and Supervision Department at the Central Bank of Uzbekistan.
According to Tojiddinov, the sanctioning measures were directed not at the Zolotaya Korona payment system itself, but at its correspondent bank, through which part of the technical clearing operations were processed. Subsequently, the service restricted transfers in certain directions; however, Uzbekistan remains among the countries where money transfers via the system continue to function.
"Uzbekistan does not intend to be exposed to secondary effects from these sanctions. Therefore, our banks, in coordination with Zolotaya Korona's management, are currently conducting negotiations to transition to another operator that is not subject to sanctions," Tojiddinov stated.
He noted that the Central Bank is actively monitoring the situation, and personal remittances processed through Zolotaya Korona continue to be disbursed as usual. According to the regulatory representative, this continuity is further supported by collateral deposits that the payment service maintains at local banks, ensuring payouts can be made in any currency.
According to Central Bank data, international money transfers to Uzbekistan reached $9.3 billion in the first half of 2026, marking a 13% increase compared to the same period last year. Approximately $2.4 billion of that total was processed through Zolotaya Korona.
Tojiddinov emphasized that funds entering via the service arrive not only from Russia, but also from South Korea, Turkey, Kazakhstan, European Union member states, and other nations where Uzbek citizens work.
Executives from Zolotaya Korona are currently in Tashkent to finalize the negotiations. The transition to the new technical operator is expected to take place as early as next week, after which the system will continue routine operations.
