Uzbekistan’s President doubles sum allowed for taking out abroad
BAKU, Azerbaijan, Oct. 23
By Fakhri Vakilov-Trend:
Uzbekistan’s President Shavkat Mirziyoyev signed a new version of the Law on Currency Regulation, Trend reports citing the press service of Uzbekistan’s Central Bank.
The document includes a number of new norms and mechanisms; the basic principles of currency regulation and currency control are determined. The law provides for the unity of the system of currency regulation and currency control, as well as the priority of economic measures in the implementation of state policy.
It is now allowed to open accounts abroad to individuals without restrictions and to carry out non-trading foreign exchange transactions between individuals in an amount equivalent to $10,500.
Moreover, cash can be freely taken out of Uzbekistan up to $10,500.
Before the changes in the law, only $5,000 could be taken out abroad.
In addition, the legal act does not allow unlawful interference by state bodies in the foreign exchange operations of residents and non-residents.
In order to strengthen the status of the national currency, a norm is introduced on the collection of state duties, fees, other obligatory payments, the determination of prices for goods and services and the minimum requirements for the authorized capital of companies exclusively in national currency.
Furthermore, free disposal of own foreign currency funds during foreign exchange transactions, the abolition of a number of licensing procedures and the requirement to repatriate assets on foreign trade operations are provided in the document.