Nine banks are suspended from participation in the UzRVB auction
Tashkent, Uzbekistan (UzDaily.com) -- Due to systematic violations related to transactions on the currency exchange (UzRVB), a number of commercial banks temporarily, until clarification of circumstances, were excluded from participation in the auction (Hamkorbank, Turkiston Bank, HiTech Bank, Universal Bank, Invest Finance Bank, Ipak Yuli Bank, Savdogarbank, Trust Bank, Asia Alliance Bank).
These banks were previously subject to measures of influence and sanctions for violations of currency legislation - during 2018 and for the past period of 2019, penalties were imposed 31 times for a total amount of 2.5 billion soums, the Central Bank said.
At the same time, commercial banks are entitled to conduct foreign currency purchase and sale transactions on the over-the-counter foreign exchange market (outside UzRVB) and are obliged to satisfy customers’ requests for the purchase of foreign currency, regardless of participation 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 central bank will ensure that banks fulfill their functions and obligations properly, up to and including damages to the client.