Tashkent, Uzbekistan (UzDaily.com) - On 22 October, a new version of the Law of the Republic of Uzbekistan “On currency regulation” was signed by the head of state.

This Law was developed in accordance with the Decree of the President of the Republic of Uzbekistan dated September 2, 2017 “On Priority Measures for the Liberalization of the Currency Policy”.

In contrast to the previous edition, the Law in the new edition is supplemented by a number of new norms and mechanisms, the basic principles of currency regulation and currency control are determined. In particular,

unity of the system of currency regulation and currency control;

priority of economic measures in the implementation of public policy

in the field of currency regulation and currency control;

prevention of unlawful interference by state bodies in currency transactions of residents and non-residents are defined as basic principles.

In addition, in order to strengthen the status of the national currency, the Law introduces a norm on the collection of state duties, fees, other obligatory payments, determination of prices for goods and services, and minimum requirements for the authorized capital of companies exclusively in national currency.

At the same time, the new version of the Law provides for:

free disposal by residents and non-residents of their own currency in the implementation of foreign exchange transactions;

the abolition of a number of licensing procedures in the implementation of foreign exchange operations;

requirement for repatriation of foreign trade assets

to the Republic of Uzbekistan;

permission to open accounts abroad to resident individuals without restrictions;

permission for non-trading foreign exchange transactions between individuals in the amount equivalent to 100 million soums;

free export by individuals of the Republic of Uzbekistan of cash in the amount equivalent to 100 million soums.

In the new version of the Law, reference norms are minimized, all types of foreign exchange transactions that are available in practice are covered, so this document is a Direct Act.

In connection with the adoption of the new edition of the Law of the Republic of Uzbekistan “On currency regulation” at 15:00 today at the Central Bank a briefing is organized for representatives of the media. Details of the Act will be made available to the general public during this briefing.