Amendments are being drafted to the Central Bank of Uzbekistan Law, which propose to increase by 500 times the authorized capital of the Uzbekistan Central Bank from the current 2 billion to 1 trillion soums.
The draft also implies improvements to the audit process, in particular, the establishment of an internal and external audits of the Central Bank. Internal audit is carried out by the relevant authority once a year, while the external audit is conducted annually by independent audit firms in accordance with international standards.
The MPs also prepared draft Amendments to the On Banks and Banking Activities La”, according to which the minimum authorized capital of banks for banking activities shall become 100 billion soums.
The draft provides for to improve the procedure for giving prior permission to create a bank, buying bank shares without permission from the Central Bank. It also provides measures to prevent corruption and conflict of interest, to ensure compliance with the rules of ethical conduct of bank employees.
It is noted that the bills have already been passed by the Legislative Chamber and were submitted to the Senate.