Tashkent, Uzbekistan, April 2
By Demir Azizov- Trend:
New rules for works between Uzbekistan's banks with and the payment systems operators have come into effect in the country.
As reported earlier, since April 1, the Uzbek Central Bank has introduced new rules for the work with the operators of the international money transfer systems in order to minimize the risks of domestic banks and the population.
In particular, the operators of payment systems which have no high credit ratings should make advance payments, place security deposits or provide bank guarantees, in accordance with the new rules.
The Uzbek Central Bank states that inadequate ratio of operations' volume to the size of own capital, as well as low ratings data of some of payment systems indicate the availability of risk of failure of financial obligations.
The decision on the new rules were adopted after closing of Migom payment system in Russia as a result of which many banks in Uzbekistan have suffered. "Migom" had 15 partner banks and more than 1,500 service points in Uzbekistan.
New requirements for the activity of payment systems operators are aimed at ensuring the safety of funds of Uzbek banks and population.
The domestic banks have already agreed with many operators of payment systems on the implementation of operations in accordance with the requirements, the Uzbek Central Bank said.
The report did not specify which operators of payment systems have concluded partnership agreements with Uzbek banks on the new terms.
"At the present time, international money transfers of individuals will be exercised without any restrictions, and further, and the funds will be issued to citizens in the currency, in which they have been transfered," the regulator's statement said.
There are about 15 remittance systems in Uzbekistan. The individuals transfered $ 6.7 billion through payment systems from Russia to Uzbekistan in 2013 - which is 17.5 percent more than in 2012, according to the Russian Central Bank.
Translated by S.I.
Edited by SI
Uzbek payment systems operators apply new rules
New rules for works between Uzbekistan's banks with and the payment systems operators have come into effect in the country.