Foreign currency purchase procedure changed at Uzbek exchange offices
Tashkent, Uzbekistan, Jan. 7
By Demir Azizov - Trend:
A new provision has come into force in Uzbekistan. Currency exchange offices are now entitled to urge citizens to show an identity document, while non-residents should offer passports when buying foreign currency.
The new regulation established by the Uzbek Central Bank is valid when buying foreign currency from individuals such as residents and non-residents if the transaction amount is equal or exceeds the equivalent of 100 times the minimum wage which was previously 1000 times the minimum wage.
When buying foreign currency equivalent to 100 and more times of the minimum wage amount from individuals, the currency exchange offices along with other data, must include the appropriate information about the transaction amount into an electronic system.
When replacing damaged foreign currency banknotes for undamaged ones, the exchange of high denomination banknotes into small-denomination ones and exchange of currency of a foreign country for cash from another foreign country, then residents must also show an identity document, while non-residents a passport, but only if the transaction amount is equal or exceeds 25 times that of the minimum wage which was previously 100 times that of the minimum wage.
The current minimum wage is 96,105 soums per month in Uzbekistan.
The official exchange rate is 2.203.22/$1 on Jan. 7.
Translated by NH
Edited by SM