Tashkent, Uzbekistan (UzDaily.com) -- On 9 January 2021, the Board of the Central Bank of the Republic of Uzbekistan adopted a resolution to further improve operations for the purchase and sale of currency in the domestic foreign exchange market.

This resolution approved the "Strategy of currency interventions of the Central Bank of the Republic of Uzbekistan for 2021-2025". The Strategy outlines the principles, forms, goals and objectives of the Central Bank's foreign exchange interventions.

In accordance with the resolution, starting from 15 February 2021, the following changes are envisaged in the execution of transactions for the purchase and sale of currency in the domestic foreign exchange market:

- transfer of trading sessions on the Uzbek Republican Currency Exchange from the current trading method ("fixing") to a combination of "call auction" and bilateral continuous auction ("matching");

- holding trading sessions for the purchase and sale of currency on the currency exchange through the "Online Platform" from 10:00 to 15:00;

- transfer of settlements for trading in the purchase and sale of currency on the currency exchange from T + 0 (today) to T + 1 (the next day);

- the abolition of the practice of participation of commercial banks in trading on the currency exchange on behalf of clients: foreign exchange transactions of commercial banks with economic entities are carried out directly (through a currency position).

At the same time, in accordance with the resolution, the official exchange rates of foreign currencies to the sum for accounting, statistical and other reporting, as well as the calculation of customs and other obligatory payments in the territory of the Republic of Uzbekistan, will be established and published by the Central Bank on the official website and pages on social networks at 16:00 every banking business day.

Also, as further stages in the development of the foreign exchange market, the decision provides for the development and adoption by market participants of the "Code of Ethics", which includes generally accepted and good practices of conduct in the field of foreign exchange transactions, as well as in order to stimulate the activities of commercial banks as market makers, the development of a regulatory document "On activities of market makers ", which determines the benefits and obligations of market makers.

The changes that are being made will create the necessary conditions for improving the infrastructure of the internal foreign exchange market, enhance the role of commercial banks in determining the exchange rate, and also accelerate the efficiency of entrepreneurs receiving foreign exchange funds.