Working group reviewed new laws

Tashkent, Uzbekistan (UzDaily.com) -- On 7 September 2019, a meeting of the working group of the Senate Committee of the Oliy Majlis of the Republic of Uzbekistan on budget and economic reforms was held, which examined the laws of the Republic of Uzbekistan on amendments and additions to the laws of the Republic adopted by the Legislative Chamber of the Oliy Majlis Uzbekistan “On currency regulation”, “On banks and banking activities” and “On the Central Bank of the Republic of Uzbekistan”. This was reported by the press service of the Senate of the Oliy Majlis.

The meeting was attended by members of the Committee, representatives of relevant ministries and departments, experts, as well as media workers.

It was noted that at the new stage of the country’s economic reforms, there is a strong need for further strengthening the legislative base of the relevant areas and directions, the adoption of direct legal documents. These laws, which were adopted by the lower house of parliament and are subject to consideration by members of the Senate, also provide for these goals.

So, the goal of the Law of the Republic of Uzbekistan “On currency regulation” is the regulation of relations arising from the exercise by residents and non-residents of rights to currency values. As was noted during the meeting, in the conditions of monetary policy liberalization, it is necessary to solve new problems and put into practice the special principles of regulation and control over this area. In the implementation of state policy in the field of foreign exchange regulation, priority should be given to economic measures, to prevent unlawful interference by state bodies in foreign exchange operations and to ensure that other tasks are performed. It was noted that this Law pays special attention to these and other aspects that are relevant to the current situation in our economy.

At a meeting of the Committee’s working group with the participation of experts, the Law of the Republic of Uzbekistan “On banks and banking activities” was also considered. As noted, this document is aimed at ensuring the stability of banks and effective competition between them, taking into account the rights and interests of depositors and other users of banking services. To this end, this Law regulates the conditions for issuing a banking permit, as well as relations on the reorganization and liquidation of banks. Also, this document establishes the authority of the Central Bank of the Republic of Uzbekistan regarding the determination of the relevant requirements, the tools and procedures used in monitoring financial institutions.

The meeting emphasized that this document will establish guarantees for the protection of the rights and interests of consumers of banking services, the protection of their deposits in banks.

As emphasized during the consideration of the Law of the Republic of Uzbekistan “On the Central Bank of the Republic of Uzbekistan”, this document is aimed at radically improving monetary policy and its instruments, strengthening its influence on price stabilization, including the prevention of unjustified inflationary expectations by taking appropriate measures. It sets the main directions of state policy in this direction, statistics of the banking system and modern mechanisms, which include generalized information about the operations of the Central Bank. It was noted that the document will serve to improve the effective, reliable and safe working activities of the payment system of the republic, including the regulation and control of the activities of payment operators and related service providers.

Participants in the meeting of the Committee’s working group expressed their views on the laws considered.