Central Bank reversed its decision to tighten requirements for foreign exchange transactions for businesses

Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan reversed its decision to tighten requirements for foreign exchange transactions for businesses. The decision to tighten requirements for foreign exchange transactions was to come into force on 18 September.

On 16 September, at a press conference, the head of the Central Bank, Mamarizo Nurmatov, announced that the decision to tighten requirements for foreign exchange transactions had been canceled.

He added that there is no turning back and there will not be. “The purpose of the decision was to introduce strict foreign exchange compliance, and not to limit conversion. This is required by a very difficult geopolitical situation,” said the head of the regulator.

Previously, commercial banks of Uzbekistan were instructed to establish strict control over operations for the sale of foreign currency to entrepreneurs. The currency was to be sold on the basis of the conclusions of the structural divisions of banks - expert groups led by deputy chairmen of banks.

It was planned to prohibit legal entities from transferring funds to their secondary accounts in other banks in order to carry out the conversion there.