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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 22, 2018 No. 383

About streamlining of management of means of the single treasurer account of the Ministry of Finance of the Republic of Uzbekistan

According to the Budget code of the Republic of Uzbekistan, and also for the purpose of reduction to single system of process of placement of temporarily available funds of the Single treasurer account of the Ministry of Finance of the Republic of Uzbekistan and increase in efficiency of their use the Cabinet of Ministers decides:

1. Determine Treasury of the Ministry of Finance of the Republic of Uzbekistan (further - Treasury of the Ministry of Finance) single body for placement of temporarily available funds of the Single treasurer account of the Ministry of Finance of the Republic of Uzbekistan on deposits of commercial banks.

2. Approve Regulations on procedure for placement of temporarily available funds of the Single treasurer account of the Ministry of Finance of the Republic of Uzbekistan according to appendix.

3. Determine that:

earlier placed temporarily available funds remain on deposit accounts of commercial banks before the expiration of deposit terms and are subject to return to the terms established in agreements of the deposit;

the state trust and other off-budget funds, and also state-financed organizations can place temporarily available funds on deposits of commercial banks independently or by submission of requests to treasurer divisions on voluntary basis.

4. Take into consideration that the Treasury of the Ministry of Finance of the Republic of Uzbekistan develops the software product intended for electronic selection of offers on placement of temporarily available funds, providing exception of human factor in the course of placement of temporarily available funds on deposits of commercial banks and providing connection to it of the Central bank of the Republic of Uzbekistan, and also commercial banks.

5. Determine that development and deployment of software product, the stipulated in Item 4 presents of the resolution, is performed by Data processing center of the Ministry of Finance of the Republic of Uzbekistan together with Treasury of the Ministry of Finance of the Republic of Uzbekistan.

7. To impose control of execution of this resolution on the deputy prime minister - the Minister of Finance of the Republic of Uzbekistan D. A. Kuchkarov.

Prime Minister of the Republic of Uzbekistan

Abdullah Aripov

Appendix

to the Resolution of the Cabinet of Ministers of the Republics Uzbekistan of May 22, 2018 No. 383

Regulations on procedure for placement of temporarily available funds of the Single treasurer account of the Ministry of Finance of the Republic of Uzbekistan

Chapter 1. General provisions

1. This Provision determines procedure for placement by Treasury of the Ministry of Finance of the Republic of Uzbekistan (further - Treasury of the Ministry of Finance) temporarily available funds of the Single treasurer account of the Ministry of Finance of the Republic of Uzbekistan (further - temporarily available funds) on deposits of commercial banks and the directions of use of the gained income from their placement.

Placement of temporarily available funds and use of income gained from their placement on deposits of commercial banks are performed according to the scheme according to appendix to this Provision.

2. Action of this provision does not extend to the budget advances allocated according to the made decisions of the President of the Republic of Uzbekistan and the Cabinet of Ministers of the Republic of Uzbekistan, and means of technical assistance.

Chapter 2. Placement of temporarily available funds on deposits of commercial banks

3. For the purpose of ensuring coordination of actions the Treasury of the Ministry of Finance quarterly provides information in the Central bank of the Republic of Uzbekistan in the sphere of monetary and tax and budget policy (further - the Central bank) about the planned amounts of placement of temporarily available funds on deposits of commercial banks the forthcoming quarter with monthly breakdown.

Proceeding from information provided by Treasury of the Ministry of Finance, the Central bank determines the maximum amount and minimum interest rate of the placed temporarily available funds and informs on it Treasury of the Ministry of Finance. If necessary these indicators are adjusted on monthly and quarterly basis.

4. In case of inflation risks in economy, the Central bank notifies on it Treasury of the Ministry of Finance. The notification of the Central bank is the basis for suspension Treasury of the Ministry of Finance of placement of temporarily available funds on deposits of commercial banks.

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