Uzbekistan to keep free budget funds in banks

Uzbekistan to keep free budget funds in banks

Tashkent, Uzbekistan, June 1

By Demir Azizov- Trend:

The Cabinet of Ministers of Uzbekistan has adopted a resolution. According to this resolution, the temporarily free budget funds will be placed on the bank deposits, while the obtained proceeds will be directed to replenish the budget.

According to the resolution on "Approval of legal acts on the implementation of the Budget Code of the Republic of Uzbekistan", the maximum amount of the temporarily free funds placed on the deposits of commercial banks by the finance ministry is determined as the amount of the balance on the treasury account of the republican budget, opened in the information system of the finance ministry as of the beginning of the financial year. This amount is the excess over that of the cash back for the current fiscal year approved for the national budget, with the deduction of the amount covering the assumed legal obligations. "

The funds will be placed on bank deposits for up to nine months during one fiscal year at banks selected on a competitive basis. Commercial banks with state share of at least 25 percent in the authorized capital will have the right to participate in the competitions.

A commercial bank, which offers the highest percentage of income on the deposit amount and within the time specified in a competitive selection process, will be considered the winner of the competitive selection. In case of offering the same interest rates and terms by the selection participants, the bank with the largest state share in the authorized capital will be recognized as the winner.

Revenues from placement of temporarily available funds on deposits will be monthly directed to the income of the republican budget.

In the case of necessity, the Finance Ministry can demand early repayment of deposited funds in accordance with the early repayment conditions defined by the agreement.

It was earlier reported that Uzbekistan's budget for 2015 was approved with a deficit of 1 percent of the planned GDP volume, or 1.8 million soums.

The budget revenues and spending are planned to be 20.2 percent of GDP (36.2 trillion soums) and 21.2 percent of GDP (38 trillion soums), respectively.

Currently, 26 commercial banks operate in Uzbekistan.

The official exchange rate on June 1 is 2532.34 soums/$1.

Edited by CN

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