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FAQ




Frequently asked questions and answers on currency transactions 11

  • Can the Permanent Institution (PI) transfer money in foreign currency to the accounts of individuals who are employees of a non-resident company operating in the Republic of Uzbekistan through a Permanent Institution (PI) in order to repay the arrears of
    Can the Permanent Institution (PI) transfer money in foreign currency to the accounts of individuals who are employees of a non-resident company operating in the Republic of Uzbekistan through a Permanent Institution (PI) in order to repay the arrears of wages?

    According to the Decree of the President of the Republic of Uzbekistan No.UP-1601 dated October 24, 1996, "On Measures for Regulation of the Circulation of Cash Foreign Currency" the settlements and payments in cash foreign currency in payment for all types of work and services, including for the issuance of wages and equivalent payments are strictly prohibited in the territory of the Republic of Uzbekistan by legal entities and individuals-residents and non-residents, including enterprises with foreign investments,
    These payments can be made in cash in the national currency of the Republic of Uzbekistan, as well as by transferring sums to the corresponding accounts in commercial banks of the Republic. For non-residents payments can be made, along with these forms of payment, by transferring foreign currency to their foreign currency accounts outside the Republic of Uzbekistan.
  • Our organization employs foreign nationals who have obtained a work permit in accordance with the legislation of the Republic of Uzbekistan, receive wages
    Our organization employs foreign nationals who have obtained a work permit in accordance with the legislation of the Republic of Uzbekistan, receive wages in national currency and also travel on business trips to various regions of the country by their activities. Payment for their accommodation in hotels was carried out by transferring funds from the settlement account of our organization to the hotel's settlement account.

    Currently, hotels ask to pay for the accommodation of our employees - foreign citizens in foreign currency.
    Are the above-mentioned hotel requirements legitimate?
    In accordance with the Decree of the President of Uzbekistan from December 2, 2016 № UP-4861 "On measures to ensure the accelerated development of the tourism industry of the Republic of Uzbekistan" it is established that if the persons which are not non-government and public organizations of the Republic, are inviting the foreign citizens and persons without citizenship, do not have permanent residence in the Republic of Uzbekistan, the payment service to deploy them in hotels and other accommodation facilities, including through the subjects of tourist activity, is provided only in foreign currency.
  • I am a citizen of the Republic of Uzbekistan. My brother from abroad wants to send me money through the money transfer system (Western Union, MoneyGram, etc.). Are there any restrictions when receiving funds received through the system of international mo
    I am a citizen of the Republic of Uzbekistan. My brother from abroad wants to send me money through the money transfer system (Western Union, MoneyGram, etc.). Are there any restrictions when receiving funds received through the system of international money transfers? Can I get them in foreign currency?

    In accordance with the legislation, individuals have the right to own currency values imported, transferred or sent to the Republic of Uzbekistan, received or acquired in the Republic of Uzbekistan and use them independently.
    International money transfers of individuals are carried out without any restrictions, money is given to citizens in the currency they received.
  • The organization has concluded a loan agreement with a foreign company. In accordance with this agreement, foreign currency should be received at the bank account of the organization. What should we do to ensure that these funds are credited to the accoun
    The organization has concluded a loan agreement with a foreign company. In accordance with this agreement, foreign currency should be received at the bank account of the organization. What should we do to ensure that these funds are credited to the account of the organization?

    In accordance with the law, it is necessary to submit a statement and a copy of the loan agreement with all additions to it, to the servicing bank in which the main deposit account is opened on demand for carrying out the foreign currency transaction related to attracting of the external borrowing.
    At the same time, the text of the loan agreement must be stated in the state or Russian language. If the text of the contract is made in another language, it must be legalized, or it must be apostilled in accordance with the established procedure, and also translated into the state or Russian language and notarized.
    After submitting these documents, the bank will credit to the account of the organization the funds received under the loan agreement.

  • On the account of the organization, funds must be received as free financial assistance from a foreign organization. Please clarify the procedure for crediting these funds to the account of our organization.


    In accordance with the legislation, the National Bank for Foreign Economic Activity and Asaka Bank are responsible for servicing legal entities and individuals receiving technical assistance, grants and humanitarian assistance.
    Thus, when funds are received on a free-of-charge basis from representations of international and foreign governmental and non-governmental organizations, it is necessary to apply to the National Bank for Foreign Economic Activity or Asaka Bank to open a grant account. Then it is necessary to instruct the servicing bank to transfer the received funds to the grant account.
  • Please clarify the procedure for entering into the Unified Electronic Information System of Foreign Trade Operations (EEISVO) of a new contracts and amendments to them.


    The entry into the EEISVO of information on foreign trade contracts is carried out through the programs " E-Contract" or "VED Contract". Detailed consultation on the work in these programs should be carried out by the servicing banks. Servicing banks can also provide a service for entering in the EEMSO the information on foreign trade contracts of customers.
  • Clarify, please, the order of purchase by citizens of foreign currency in banks.


    Sale of foreign currency to residents is carried out by conversion departments of commercial banks in a non-cash form using international payment cards.
    To purchase foreign currency, a resident individual submits to the conversion department a document proving his identity (passport, residence permit in the Republic of Uzbekistan or military ticket for the servicemen of the Republic of Uzbekistan).
    If the funds in the national currency are sufficient on the personal card, the resident for the purchase of foreign currency fills out the application. In case of shortage of funds in national currency on the personal card of the resident, a personal card can be replenished by depositing in the bank cash desk of the national currency in any branch of the issuing bank.
    In the event that the resident does not have a personal card, the commercial bank issues a plastic card on the basis of the client's application. When converting funds in national currency are debited through the payment terminal at the rate of sale of foreign currency of a commercial bank on the day of the transaction. Foreign currency is transferred to the international payment card of the resident.
    If the resident does not have an international payment card, a bilateral agreement on opening a bank account in foreign currency is concluded between the bank and the resident. After that, an international plastic card is provided.
  • How can I make online payments for purchases of goods in online stores?


    Online payments for the purchase of goods in online stores can be done using international payment cards, (for example, VISA, MasterCard, etc.). These cards are issued by the banks of the republic.
  • How is the national currency "sum" exchange rate determined in relation to foreign currencies?


    In accordance with Article 15 of the Law of the Republic of Uzbekistan "On Currency Regulation", transactions on the purchase and sale of foreign currency on the territory of the Republic of Uzbekistan are conducted at the rate of the national currency to a foreign currency that is formed on the basis of the current ratio of demand and supply to foreign currency.
    At the same time, it should be noted that the level of demand and supply in the domestic foreign exchange market, as well as changes in the exchange rate of the national currency, are formed under the influence of such factors as the macroeconomic state of the country, including the balance of payments and the balance of foreign trade.
  • How can I get official information on foreign exchange rates to the national currency of the Republic of Uzbekistan - the sum, established by the Central Bank of the Republic of Uzbekistan?


    Information on foreign exchange rates is available on the official website of the Central Bank www.cbu.uz. This information can be obtained in electronic form in an Excel file.
    Information on foreign exchange rates received from the Central Bank's website is considered official and can be cross-checked by the requesting party on this website.
  • When will measures be taken to eliminate the illegal currency market?


    In accordance with the Law of the Republic of Uzbekistan "On Currency Regulation" all settlements and payments in the territory of the Republic of Uzbekistan are made in the national currency, except for cases established by law.
    This Law establishes that the purchase and sale of foreign currency by legal entities and individuals in the territory of the Republic of Uzbekistan are carried out through banks. The purchase and sale of foreign currency outside the banking system is an illegal currency transaction and leads to liability in accordance with the Code of the Republic of Uzbekistan on Administrative Responsibility and the Criminal Code of the Republic of Uzbekistan. At the same time, according to established order, appropriate measures are taken by law enforcement bodies to the persons who violated the requirements of the law.
    At the same time, we inform that in accordance with the "Strategy of actions for the five priority development directions of the Republic of Uzbekistan in 2017-2021" approved by the Decree of the President of the Republic of Uzbekistan "On the Strategy for Further Development of the Republic of Uzbekistan" № UP-4947 of February 7, 2017, a step-by-step introduction of advanced market mechanisms of currency regulation is provided. At present, ministries and departments are actively working on this direction.
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