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Uzbekistan strengthens control over foreign exchange operations

Business Materials 28 November 2017 14:30 (UTC +04:00)

Baku, Azerbaijan, Nov. 28

By Nigar Guliyeva – Trend:

The Central Bank of Uzbekistan has approved a list of currency transactions that will be conducted only with the approval by the president, the Cabinet of Ministers or an international treaty.

To this end, the Central Bank's Board of Directors made amendments and additions to the provision on the procedure for conducting certain foreign exchange operations related to the movement of capital.

Thus, the following currency transactions will be conducted only if there are relevant resolutions of the president, cabinet or international treaty:

- transfer of funds from bank accounts of residents of Uzbekistan to foreign countries when investing in an equivalent amount of more than 10,000 USD for the formation of the authorized capital of foreign enterprises (or equity participation); replenishment by residents of circulating assets of their branches in foreign countries;

- allocation of loans, cash and commodity loans by the residents of the country, as well as leasing objects to non-residents;

- placement of resident's funds from commercial banks' accounts to accounts (deposits) in foreign countries, as well as transfer of funds for the purchase of real estate.

Under the Law "On Currency Regulation" residents are: citizens of Uzbekistan; foreign citizens and stateless persons with a permanent place of residence in Uzbekistan; legal entities registered in the territory of Uzbekistan; diplomatic and other foreign missions of Uzbekistan enjoying immunity and diplomatic privileges, as well as representations of local organizations abroad that do not carry out economic or other commercial activities.

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