Uzbek Commodity Exchange signs tripartite Memorandum with Russian bank
BAKU, Azerbaijan, Dec. 3
By Fakhri Vakilov - Trend:
During the working visit of representatives of Uzbek Commodity Exchange (UZEX) and Uzbek Private Trustbank to Moscow, a Memorandum of Cooperation was signed between the UZEX and Trustbank and the Russian JSC AKB Asia-Invest Bank, Trend reports citing UZEX.
The meeting was also attended by employees of Uzbekistan’s Embassy in Russia.
The memorandum was signed in the framework of the consistent implementation of the tasks identified by decrees of Uzbekistan’s President Shavkat Mirziyoyev “On additional measures to stimulate export and ensure the competitiveness of domestic goods in foreign markets” and “On measures to further stimulate the export potential of domestic producers”.
This memorandum is aimed at implementing the Presidential Decree of October 8, 2019 “On measures to improve the efficiency of commodity exchanges and further improving exchange trading mechanisms” and provides for the creation of a separate infrastructure to ensure settlement transactions of UZEX clients through correspondent accounts of Trustbank in JSC AKB Asia-Invest Bank.
The mechanism will allow the use of additional banking tools in optimizing exchange trading calculations, and will also serve as a solution to strategic tasks to increase the volume of foreign trade between Uzbekistan and Russia.
The tripartite document pays special attention to the requirements of legislation on combating money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction, which all parties must comply with.
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