The Central Bank tightens requirements for foreign exchange transactions for legal entities

Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan is tightening requirements for foreign exchange transactions for legal entities from 18 September.

The corresponding decision was made by the Banking Supervision Committee of the Central Bank and the management of the regulator.

Now legal entities will be able to convert currency only in the bank where they open their main account.

Control over the purchase of foreign currency for legal entities is being tightened. Operations on applications will be carried out based on the conclusion of expert groups within seven days;

Legal entities will not be able to transfer funds to their secondary accounts in other banks to carry out conversion there.

In addition, banks are instructed to establish strict control over transactions involving the sale of foreign currency to entrepreneurs. The currency will be sold based on the conclusions of the structural divisions of banks within 7 days.

The regulator ordered to take measures to close secondary special currency accounts of business entities-clients opened in other banks.

Special currency accounts are used for conversion. Converted currencies can be used to pay for contracted imports or other purposes for which they were converted. Free currency from exports or other income (charter, loan) goes to current foreign currency accounts.