CBU recommends to buy hard currency exclusively from commercial banks

Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan recommends to all legal entities and individuals for purchase of foreign currency exclusively from commercial banks.

The statement of the Central Bank said that Uzbekistan has established a wide network of currency exchange offices covering all regions of the country and number of which exceeds 900 points. They have all the necessary conditions for prompt customer service. The work to expand the network of banking infrastructure for providing services to the population on currency exchange operations continues.

All restrictions on the use of conversion cards of individuals abroad were abolished. In particular, the daily and monthly limits on withdrawing cash in ATMs were abolished, with the possibility of withdrawing funds in an unlimited amount.

The country and various target restrictions on the use of conversion cards were cancelled and now the users can pay with card in any shops, hotels, and everywhere.

Conversion cards can be used to pay for medical treatment, training and other transactions, directly from a bank in Uzbekistan, on the basis of supporting documents (invoices).

Individual entrepreneurs also received opportunity to purchase of hard currency. Now individual entrepreneurs engaged in the import of consumer goods are allowed to purchase foreign currency through bank accounts (purchased foreign currency funds are credited to the bank account and an international payment card is issued to the client).

In this regard, individual entrepreneurs can purchase foreign currency in unlimited quantity and, at their discretion, send the purchased funds to pay for current international transactions (imports of goods and services, etc.). At the same time, payment for purchased foreign currency by individual entrepreneurs can be made at the expense of trade proceeds and funds deposited into the bank.

The use of purchased foreign currency funds by individual entrepreneurs is carried out without restrictions.

New banking tools are constantly being introduced to meet the needs of the population in foreign currency. The Central Bank said that population can make internet payments with use of banking cards.

A mechanism has been introduced to automatically convert the amounts of individuals’ funds, including bank cards, into foreign currency when making money transfers abroad.

Banks are introducing market mechanisms to create conditions for development of competition among commercial banks in order to reduce the cost of banking services.

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