RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of September 10, 2005 No. 611

About approval of the Regulations on procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber and also issues of bank guarantees and opening of reserve letters of credit according to export contracts of cotton fiber

1. Approve Regulations on procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber and also issues of bank guarantees and opening of reserve letters of credit according to export contracts of cotton fiber according to appendix.

2. Enact this resolution after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the resolution of Board of the Central bank of the Republic of Uzbekistan of September 10, 2005 No. 611

Regulations on procedure of obligatory sale of currency earnings from export and realization of cotton fiber to the companies of the republic processing cotton fiber and also issues of bank guarantees and opening of reserve letters of credit according to export contracts of cotton fiber

I. General provisions

1. For the purpose of this provision the following main terms are used:

authorized bank - the bank of the Republic of Uzbekistan having the license for carrying out foreign currency transactions and issuing guarantee or opening the reserve letter of credit on return of advance payments according to export contracts of cotton fiber;

foreign bank - the foreign bank advising or confirming guarantee of authorized bank or the reserve letter of credit of authorized bank, or issuing guarantee for benefit of the foreign buyer at the request of authorized bank and against its counterguarantee;

principal - the organization registered in the territory of the Republic of Uzbekistan and performing export of cotton fiber which obligation fulfillment on the arriving advance payments before the beneficiary is provided with guarantee or the reserve letter of credit of authorized bank;

the beneficiary - the foreign buyer for benefit of whom the guarantee is issued or opens the reserve letter of credit, or the foreign bank confirming guarantee or the reserve letter of credit of authorized bank;

guarantee - the obligation of authorized bank or foreign bank to pay upon the demand of the beneficiary certain amount of means on the conditions approved in guarantee. The obligation on guarantee is limited to the amount on which it is issued. Guarantees can be confirmed and unconfirmed, and also in the form of counterguarantees;

the reserve letter of credit - the obligation of authorized bank or foreign bank to pay upon the demand of the beneficiary certain amount of means on the conditions approved in the reserve letter of credit. The obligation according to the reserve letter of credit is limited to the amount on which it is open, and is effective within the amount on which it is open. Reserve letters of credit can be confirmed and unconfirmed.

II. Procedure of obligatory sale of currency earnings from export of cotton fiber

2. All revenue in foreign currency from export and realization of cotton fiber to the companies of the republic of JSC Uzpakhtaeksport (further - the seller), is subject to obligatory sale to the Central bank of the Republic of Uzbekistan.

3. The seller performs obligatory sale of revenue in foreign currency through authorized bank at the Central Bank rate of the Republic of Uzbekistan on the date of sale according to the procedure, established by the legislation.

At the same time in case of revenues to the secondary (transit) currency account of the seller of advance payments from foreign buyers as against guarantees/reserve letters of credit, and direct bank transfers according to export contracts of cotton fiber or from its realization to the companies of the republic obligatory sale of the amount of the arrived advance and direct payments is performed by the seller according to its order, but no later than 3 banking days from the date of shipment of cotton fiber.

4. The costs in foreign currency of the seller on export and realization of cotton fiber to the companies of the republic which are deductible when calculating the amount of obligatory sale include:

expenses of the seller on export and realization of cotton fiber to the companies of the republic according to the approved extreme sizes of expenses on export and realization of cotton fiber to the companies of the republic;

return of the means received from the foreign buyers who are not covered with the cost of the delivered fiber in connection with changes of market situation of the world prices, and also funds for the amount of goods which are not delivered by the seller;

the means enlisted on the special blocked consolidated account of principal which obligatory sale is performed according to the procedure, established in Item 17 of this provision.

5. The Sumovy equivalent from sale by the seller of revenue in foreign currency is transferred by the Central bank of the Republic of Uzbekistan into the secondary (transit) account of the seller in national currency within one day from the moment of implementation of obligatory sale of currency earnings.

6. In the presence the seller has credit debts of the Ministry of Finance of the Republic of Uzbekistan, attracted to calculations for the cotton fiber which is purchased and directed to export and realization to the companies of the republic, sumovy equivalent from sale of currency earnings to outstanding amount covering on the credits, according to the payment order of the seller, is transferred from the secondary (transit) account into the special account of the seller No. 23208.

7. The means which arrived 23208, according to the payment order of the seller to the serving banks goes to the special account of the seller No. on:

repayment of the loans of the Ministry of Finance of the Republic of Uzbekistan attracted according to the procedure, established by the legislation and the corresponding credit agreement for calculations for the cotton fiber which is purchased for the subsequent export;

payment of expenses in national currency according to the extreme sizes of expenses of the seller approved in accordance with the established procedure on realization of cotton fiber.

8. In case of absence of debt on the credits of the Ministry of Finance of the Republic of Uzbekistan the means in national currency which arrived into the secondary (transit) account of the seller from sale of revenue in foreign currency are listed on the on-demand deposit account of the seller and used:

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