Commodity exchanges of Uzbekistan to be able to place funds in commercial banks
Baku, Azerbaijan, July 10
By Huseyn Hasanov - Trend:
The discussion of the regulations on the procedure for placing free funds of commodity and raw material exchanges drawn up by the State Committee for the Promotion of Privatized Enterprises and the Development of Competition continues on the Single Portal of Interactive Public Services of Uzbekistan.
The draft resolution of the Cabinet of Ministers for the effective use of free funds of clearing participants, the accelerated development of exchange trade and e-commerce in the country has been developed, the message says.
It is proposed in the discussed document to provide to commodity and raw material exchanges (CRME) the right to create subsidiaries with the status of a legal entity, in particular in the capacity of residents of the "Mirzo-Ulugbek" innovation center for the purpose of creation of favorable conditions and intensive development of information and communication technologies in the field of e-commerce and exchange trade, as well as development of infrastructure of commodity markets.
Also, CRME will be able to place on deposit accounts in commercial banks of Uzbekistan the funds paid in by the clearing participants in the settlement and clearing houses of exchanges to secure contractual obligations, with the exception of non-residents. At the same time, placement of funds on deposit accounts in commercial banks is subject to notification of clearing participants.
The purpose of the placement of funds is to obtain additional incomes of the exchanges, while at the same time unconditionally ensuring the recoverability of these funds within the period required for securing the execution of exchange transactions.