President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures to further develop and improve the stability of the banking system of the republic” on 12 September 2017.

The minimum size of the authorized capital of newly created commercial banks from 1 October 2017 is set at the level of 100 billion soums.

From 1 October 2017, microcredit organizations should form the authorized capital at the level of 2 billion soums and pawnshops -500 million soums.

President of Uzbekistan instructed other financial institutions to bring their authorized capital to established requirements till 1 January 2019.

The authorized capital of National Bank of Uzbekistan and Asaka Bank, formed in foreign currency, will be transferred to the national currency.

President also abolished unusual functions of the banks to control formation of overdue accounts receivable and accounts payable to business entities, targeted use of cash, received from the cashier’s banks, by legal entities.