Tashkent, Uzbekistan (UzDaily.com) -- Commercial banks of Uzbekistan will gradually increase the size of their authorized capital.

President of Uzbekistan Shavkat Mirziyoyev signed a law on amendments to the law “On banks and banking activities”.

According to the law, banks must bring the minimum authorized capital to:

up to 200 billion soums - by 1 September 2023;

up to 350 billion soums - by 1 April 2024;

up to 500 billion soums - by 1 January 2025.

Currently, the minimum authorized capital of banks is 100 billion soums.

In addition, the authorized capital of a bank created or reorganized in the form of a merger, division or separation will be formed based on the amount in force for that period.