Central Bank said that Credit Standard Bank systematically violated requirements of legislation on currency regulation, despite several verbal and written notices, as well as measures and sanctions, adopted by the Central Bank of Uzbekistan.

In the result, Central Bank temporarily suspended license on conducting operations with hard currency in January 2012.

The bank was ordered to eliminate violations, which resulted in suspension of the license. Central Bank also banned to hold operations with hard currency to Credit Standard Bank.

The bank was also warned that in case of violations of Central Bank orders, the regulator will consider full abolishment of license on holding operations with hard currency.

Inspections, conducted in November 2012, showed that Credit Standard Bank violated orders of the Central Bank of Uzbekistan and conducted hard currency operations and did not take measures to eliminate violations, indicated in the order of the regulator.

In this connection, the board of the Central Bank of Uzbekistan revoked license of Credit Standard Bank for holding operations in hard currency.