Tashkent, Uzbekistan (UzDaily.com) -- The Senate approved the Law of the Republic of Uzbekistan “On currency regulation” in the new edition.

According to the Law, exclusively market mechanisms will be used in determining the exchange rate of the Republic of Uzbekistan in relation to foreign currency.

Also, in accordance with the Law, resident legal entities for the purpose of carrying out foreign exchange transactions have the right:

to own currency values;

to transfer to the Republic of Uzbekistan, as well as transfer from the Republic of Uzbekistan foreign currency in the manner prescribed by law.

At the same time, for the opening and use of bank accounts by non-residents - legal entities in the Republic of Uzbekistan, a mandatory requirement is the implementation of activities in the territory of the Republic of Uzbekistan.

Based on international practice, the Law includes norms relating to the repatriation of assets from foreign trade operations.

The approved Law will enter into force after its signing by the President and  published in due course of time.