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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of September 12, 2017 No. PP-3270

About measures for further development and increase in banking system stability of the republic

(as amended on 26-02-2021)

[Extraction]

Note that the taken measures for reforming and strengthening of bank financial system of the republic promoted increase in level of capitalization of banks, increase in scales of crediting of economy, expansion of range of the provided banking services, and also increase in role of bank system in development of national economy.

At the same time tasks of further improvement of quality of the rendered banking services and cardinal improvement of methods of work of commercial banks for establishment of full partnership with subjects of entrepreneurship, enforcement of trust of the population and business entities to bank system as to the reliable institutional partner continue to remain urgent.

Besides, results of the stress testings of commercial banks which are carried out by the Central bank of the Republic of Uzbekistan regarding their stability and adaptedness in the conditions of liberalization of the domestic foreign exchange market revealed number of the shortcomings exerting negative impact on financial condition and foreign exchange position of banks which consequences negatively influence liquidity of banks.

According to the Strategy of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021, the Presidential decree of the Republic of Uzbekistan of September 2, 2017 No. UP-5177 "About First-priority Measures for Liberalization of Monetarist Policies", and also for the purpose of ensuring financial stability of bank system, enhancement of assessment of bank risks taking into account the international practice, implementation of the modern principles and mechanisms of regulation and supervision of activities of commercial banks:

1. Establish the minimum size of the authorized capital (fund) of again created since October 1, 2017:

commercial banks - in the amount of 100,0 of one billion bags;

microcredit institutions - in the amount of 2,0 of one billion bags;

pawnshops - in the amount of 500 million bags.

To provide to commercial banks, microcredit institutions and pawnshops finishing till January 1, 2019 the minimum size of the authorized capital (funds) to the established minimum requirements according to this Item.

2. Accept the offer of the Ministry of Finance and Central bank of the Republic of Uzbekistan on the translation of the authorized capital of National Bank of foreign economic activity of the Republic of Uzbekistan and JSB Usak which is earlier created in foreign currency in national currency by realization of currency means in accordance with the established procedure.

Determine that the income (profit) of the commercial banks received from realization of currency means according to this Item, does not join in taxable basis and is used on increase in share of their shareholders.

3. Exempt commercial banks from unusual functions on control for:

formation of overdue receivables and payables of business entities;

target use by business entities of the cash received from cash desk of banks.

4. To provide to Central Bank of the Republic of Uzbekistan on system basis development and implementation of measures on:

to implementation in activities of commercial banks of the universally modern recognized norms, standards and estimative indicators, to further enhancement of independent assessment of indicators of bank financial system both on the basis of assessment of the international rating organizations, and according to national system of rating assessment;

to ensuring fulfillment of requirements on capital adequacy, liquidity and stability of commercial banks within requirements of the international principles of banking supervision;

to enhancement of management system and assessment of bank risks, including systems risk management in commercial banks, taking into account recommendations of Basel Committee on Banking Supervision, with attraction of technical assistance and experts of the international financial institutions;

to increase in level of competitiveness of banks and transformation of banks into the system performing activities on the basis of the advanced banking practice;

to increase in financial literacy and level of protection of the rights of the population in the sphere of bank and financial services;

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