The Central Bank has released a draft amendment aimed at refining the procedures for executing certain capital movement currency operations for public input. The updated framework provides clear guidelines for residents engaging in outbound foreign investment, raising capital from abroad, and registering cross-border currency transactions.
According to the proposal, capital movement operations will encompass all cross-border currency transactions that fall outside the scope of current international operations. These include overseas investments, credit and loan operations, real estate acquisitions, deposits into offshore accounts, and transactions involving intellectual property rights.
Furthermore, the draft proposes allowing residents to pursue outbound foreign investment up to a specific financial limit without seeking prior regulatory approval. Specifically, state-owned enterprises will be permitted to invest up to $100,000 abroad without a permit, while private companies will enjoy an exemption for investments up to $200,000. Individual citizens will be allowed to execute foreign investment transactions up to $10,000 per calendar year.
The document also outlines a streamlined electronic registration process for capital movement operations using the Central Bank’s specialized FERUz information system. Transactions will be considered officially registered as soon as commercial banks log the transaction details into the system.
Additionally, residents will be required to submit quarterly performance reports on their overseas investment activities to their servicing commercial bank. Failing to provide this financial data within the designated timeframe may result in a temporary suspension of the resident’s subsequent currency operations.
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