Baku, Azerbaijan, June 11
By Fikret Dolukhanov – Trend:
Gaining profit is not the main goal of the Central Bank of Uzbekistan, a new version of the draft law “On the Central Bank of the Republic of Uzbekistan” read.
According to the document, the Central Bank is a legal entity and is in exclusive ownership of the state.
The main objectives of the Central Bank are to ensure price stability, as well as stability and development of the banking and payment systems.
Among the tasks of the Central Bank are development and implementation of monetary and credit policy, organization and implementation of foreign exchange regulation and currency control, assistance in ensuring stability of the banking system, activities of microcredit organizations and pawnshops.
The Central Bank of Uzbekistan is engaged in organizing and providing coordination of functioning of payment systems in Uzbekistan, licensing and regulation of activities of banks, bank holdings, microcredit organizations, pawnshops, currency exchanges and credit bureaus.
Among the competences of the Central Bank are also protection of rights of consumers of banking services, increasing financial accessibility and financial literacy of the population and business entities, as well as the formation and publication of banking, monetary statistics.
According to the draft law, the Central Bank has no right to engage in financial assistance and carry out commercial activities, as well as to issue guarantees to third parties, even concerning obligations of the Uzbek government. The regulator also has no right to take part in capitals of banks and other legal entities, except for participation in the capital of the currency exchange, as well as enterprises and organizations that support activities of the Central Bank.
The amount of the authorized capital of the Central Bank is two billion soums. The amount of the authorized capital can be increased by decision of the Senate of the Parliament of Uzbekistan.
The authorized capital of the Central Bank is not subject to transfer or use as a mortgage security.
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