Tashkent, Uzbekistan (UzDaily.com) -- The transfer of the National Interbank Processing Center (Humo payment system) to the balance sheet of the State Assets Management Agency (AUGA) has nothing to do with privatization plans. This was stated in the AUGA’s statement.

According to the presidential decree of 30 November, the state share (100%) in the Humo payment system will be transferred to AUGA. Currently, the only founder of HUMO is the Main Informatization Center of the Central Bank of Uzbekistan.

AUGA notes that under Article 12 of the Law “On State Property Management,” in force since 9 March 2023, it is not allowed for enterprises with state participation to simultaneously perform the functions of both an owner and a regulator.

In this case, the Central Bank is the regulator of the banking market and the ultimate owner of Humo, which may lead to a potential conflict of interest, emphasizes AUGA.

“This situation can be eliminated by transferring the functions of the owner from a state body to the State Assets Agency or by liquidating this enterprise, or by transferring the functions of a regulator from this government body to another,” noted the AUGA.

To ensure compliance with the requirements of Article 12 of the Law “On Management of State Property,” the state share in the authorized capital of LLC “National Interbank Processing Center” of the Central Bank is transferred to AUGA.