Uzbekistan, Tashkent, November 30 / Trend, D. Azizov /
The Central Bank of Uzbekistan has recalled the general license for foreign currency operations from Ravnakbank, a private-owned joint-stock bank of Uzbekistan, the Central Bank reported at its Website on Wednesday.
The license was recalled "in connection with violations of bank currency regulation legal provisions," the report said.
The report specifies neither exact violations nor period of the license's withdrawal.
Ravnakbank offered highest profitability rates on physical persons' depository currency accounts amongst commercial banks of Uzbekistan. Particularly, the annual interest rate of fixed deposit (no less than $1,000) for a period of 1 year was 11 per cent, and of fixed deposit of no less than $500 for a period of 6 months was 9 per cent. The interests were paid in national currency according to the Central Bank-established exchange rate.
The operating license was restored in June 2007.
Established in Tashkent in 2001, Ravnakbank is one of small private-owned banks of Uzbekistan. Its core operation at the date of establishment was the financing servicing of petrol stations and petroleum products' wholesale enterprises.