Approved by Board of the Central bank of the Republic of Uzbekistan of February 20, 1999 No. 298 (the protocol No. 3)

Regulations on procedure for carrying out transactions in the curb foreign exchange market

This Provision is developed according to Article 7 of the Law of the Republic of Uzbekistan "About currency control" and determines procedure for carrying out transactions and implementation of calculations for purchase and sale of foreign currency by authorized banks, legal entities and physical persons in the curb foreign exchange market.

I. General provisions

1. In the curb foreign exchange market the following transactions are performed;

- purchase of foreign currency by authorized banks from the clients;

- obligatory sale of part of currency earnings of the companies and organizations in the established sizes;

- sale of foreign currency to the companies and organizations, owners of licenses of the Central bank;

- purchase and sale of cash foreign currency through exchange points;

- interbank transactions of authorized banks, including for reinforcement of exchange points.

2. The main sources of means of authorized banks for implementation of transactions in the curb foreign exchange market are:

- own resources of authorized banks, including retained earnings;

- the means arriving from obligatory sale of part of currency earnings, polnenny the companies and the organizations from the decentralized export;

- the currency means of the companies and organizations having overdue debt in poison ivy on payments in the budget and to loans of banks, which are subject to obligatory sale to authorized banks at the rate of the curb foreign exchange market for covering of the formed debt;

- deposits of clients and other raised funds placed in authorized banks;

- purchase of foreign currency by authorized banks through exchange points and according to interbank transactions;

- purchase of centralized currency resources at the Uzbek republican currency exchange.

3. Implementation by the companies and organizations of obligatory sale of part of currency earnings, and also purchase and sale of foreign currency by physical persons through exchange points are made according to the procedure, established by the current legislation and the corresponding regulations.

II. Carrying out transactions and implementation of calculations

4. Participate in transactions on purchase and sale of foreign currency in the curb foreign exchange market have, the right the Central bank of the Republic of Uzbekistan, authorized banks and their clients.

5. Authorized banks can perform transactions in the curb foreign exchange market as at own expense, and at the request of clients.

6. For purchase and sale of foreign currency clients submit to authorized banks requests. Accepting requests, banks check the documents submitted by clients and availability on their accounts of necessary money.

7. Members of the foreign exchange market bear complete responsibility for actions of the representatives according to the current legislation. All purchasing requests of foreign currency shall be performed according to rules of converting of sum on foreign currency, the adopted existing legal acts.

8. When carrying out transactions in the curb foreign exchange market authorized banks establish buying rates and sales of currency, proceeding from ratio of the demand and supply on foreign currency, within the extreme parameters determined by the Central bank of the Republic of Uzbekistan.

9. Transactions in the curb foreign exchange market are performed based on the contract between the parties signed in duplicate by authorized persons of bank (director) and the sealed company and bank.

10. Reflect in the agreement of the party the name of currency, nature of the transaction, foreign currency amount, procedure of calculations, obligations of the parties, and also other Items according to the current legislation.

11. Authorized banks create the special magazine in which are registered the signed purchase agreements and sale of foreign currency in the curb market. In case of registration number which is noted in the magazine and is put down on both copies is assigned to each agreement, at the same time the first copy remains in bank and is filed in case.

12. Calculations for committed transactions are perfromed within two working days if other is not provided by conditions of agreements.

13. For carrying out transactions authorized banks have the right to levy commission fee in the amount of no more than 1 percent from the amount of the purchased or sold foreign currency.

III. Control and reporting

14. Authorized banks exercise control of observance by the companies and the organizations acting legislative and the regulations regulating procedure of import transactions.

15. And violation provided by this Procedure corrected failure to carry out of functions of the agent of currency exchange control on transactions of clients, can form the response basis at authorized bank of the license of the Central bank of the Republic of Uzbekistan for carrying out foreign currency transactions.

16. Authorized banks present data on the performed operations at the curb foreign exchange market in form and in the terms established by the Central bank of the Republic of Uzbekistan.

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