Authorized capital of Uzbek Central Bank to soar

Finance Materials 4 October 2019 12:25 (UTC +04:00)

Baku, Azerbaijan, Oct. 4

By Fakhri Vakilov - Trend:

The authorized capital of the Central Bank of Uzbekistan will be increased 500 times from the current 2 billion to 1 trillion soums, as provided in the draft law “On amendments and additions to the Law of Uzbekistan“ On the Central Bank of Uzbekistan ”,Trend reports citing the press service of the Senate of the Parliament of Uzbekistan.

The law also improves the audit process, in particular, the establishment of an internal and external audit of the Central Bank.

Internal audit is carried out by the relevant service once a year, and external audit is carried out annually by independent audit organizations in accordance with international standards.

The parliamentarians also prepared a draft law “On Amendments and Additions to the Law of Uzbekistan“ On Banks and Banking Activities ”, according to which the minimum authorized capital of banks for banking activities is 100 billion soums.

The document improves the procedure for giving prior permission to create a bank, buying bank shares without permission from the Central Bank.

The bills have already been adopted by the Legislative Chamber and entered the Senate.

($1 = 9409.70 soums on Oct. 4)


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