Tashkent, Uzbekistan (UzDaily.com) —  The Central Bank of Uzbekistan has commented on the rumors regarding the introduction of limits on the issuance of bank cards to individuals.

The regulator denied rumors that a restriction of one card per individual was being considered, stating that such information is inaccurate.

However, the Central Bank is considering the introduction of limits on the number of cards issued to a single individual (identified by their personal identification number) to prevent suspicious and fraudulent activities.

It is expected that an individual will be allowed to have up to five cards in one bank and up to 20 cards across all banks, including virtual and co-branded cards. However, this limit will not apply to cards issued in foreign currency.

According to the regulator, about 97% of citizens holding bank cards (a total of 22 million people) have up to five cards. Three percent (770,000) of cardholders have between five and 20 cards, and only 0.03% (7,000) have more than 20 cards.

Analysis has shown that some cards issued in one person’s name, often without their knowledge, are used in fraudulent schemes.

The Central Bank emphasized that these new regulations will not cause any inconvenience to citizens when making payments and will help organize the activities of commercial banks in issuing cards.

The regulator also noted that it will continue to closely monitor the situation and that once the final requirements are prepared, they will be presented for discussion with journalists and the wider public.