Uzbek Central Bank suspends nine commercial banks from trading on currency exchange

Finance Materials 26 March 2019 13:03 (UTC +04:00)

Baku, Azerbaijan, March 26

By Fakhri Vakilov – Trend:

Nine commercial banks of Uzbekistan have been suspended from participation in currency trading "due to systematic violations related to transactions on the currency exchange", Trend reports with reference to the Central Bank of Uzbekistan.

Hamkorbank, Turkiston Bank, HayTek Bank, Universal Bank, Invest Finance Bank, Ipak Yuli Bank, Savdogarbank, Trust Bank and Asia Alliance Bank were among those removed.

"Measures and sanctions for violations of currency legislation were previously applied for these banks as well. During 2018 and for the past period of 2019, penalties were imposed 31 times for a total amount of 2.5 billion soums," Central Bank noted.

Moreover, Central Bank stated that commercial banks are entitled to conduct foreign currency purchase and sale transactions on the over-the-counter foreign exchange market (outside the UZEX) and are obliged to satisfy customers' requests for foreign currency purchases, regardless of whether they participate in the foreign exchange market.

In case of failure by a commercial bank to purchase and sell foreign currency, bank customers may contact the Central Bank Consumer Protection Service. The regulator will ensure that banks fulfill their functions and obligations properly, up to the reimbursement of losses to the client.

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