Saturday, 20, October, 2018

The new version of Uzbekistan’s Central Bank Bill has been prepared in Uzbekistan. The document said that the Central Bank is a legal entity and is in the exclusive ownership of the state.

The main objectives of the Central Bank are to ensure price stability, the stability and development of the banking system, stability and development of the payment system. Getting profit is not the main goal of the Central Bank.

The main tasks of the Central Bank are:

  • monetary policy;
  • foreign exchange regulation and currency control;
  • assistance in ensuring the stability of the banking system, the activities of microcredit organizations and pawnshops;
  • coordination of payment systems in Uzbekistan;
  • licensing and regulation of the activities of banks, bank holdings, microcredit organizations, pawnshops, currency exchange and credit bureaus (hereinafter credit organizations and credit bureaus);
  • supervision over the banks, bank holdings, microcredit organizations, pawnshops and credit bureaus;
  • protection of the rights of consumers, increasing financial accessibility and financial literacy of the individuals and business entities;
  • preparing and publication of banking, monetary statistics;
  • preparing and publication of external sector statistics, including the balance of payments, the international investment position, the external debt of the Republic of Uzbekistan, reserve assets and exchange rates;
  • management, accounting and storage with respect to the international reserves of the Republic of Uzbekistan, including reserves of the Government of the Republic of Uzbekistan under the agreement.

According to the draft bill, the Central Bank has no right to provide financial assistance and carry out commercial activities, as well as to issue guarantees to third parties, including those of the Government of the Republic of Uzbekistan. The regulator also has no right to take part in the capital of banks and other legal entities, except for participation in the capital of the foreign currency exchange, as well as enterprises and organizations that support the activities of the Central Bank.

The amount of the authorized capital of the Central Bank is two billion soums. The increase in the amount of the authorized capital is to be taken by the Uzbek Senate.

The authorized capital of the Central Bank is not subject to transfer or use as a mortgage security.

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