LAW OF THE REPUBLIC OF UZBEKISTAN

of December 21, 1995 No. 154-I

About the Central bank of the Republic of Uzbekistan

Chapter 1. General provisions

Article 1. Purpose of this Law

The purpose of this Law is regulation of activities of the Central bank of the Republic of Uzbekistan.

Article 2. Legislation on the Central bank of the Republic of Uzbekistan

The legislation on the Central bank of the Republic of Uzbekistan consists of this Law and other acts of the legislation.

Article 3. Legal status of the Central bank of the Republic of Uzbekistan

Legal status, powers, functions and the organization of activities of the Central bank of the Republic of Uzbekistan (further - the Central bank) are determined by the Constitution of the Republic of Uzbekistan, this Law and other acts of the legislation.

Central Bank is legal entity and is in exclusive property of the state, performs the expenses at the expense of own income.

Central Bank makes decisions within the powers and functions irrespective of other state governing bodies.

Central Bank does not answer for obligations the state, and the state - for obligations of the Central bank if they did not assume such obligations or if other is not provided by the law.

Central Bank, and also the organizations subordinated to it have seal and forms with the name with the image of the State Emblem of the Republic of Uzbekistan.

Article 4. Property of the Central bank

The property of the Central bank is made by its cash and other material values which cost is reflected in balance of the Central bank.

Central Bank has the right to own, use and dispose of the property reflected in its balance.

Article 5. Main objectives of activities of the Central bank

Main objectives of activities of the Central bank are ensuring stability:

prices;

bank system;

functioning of payment systems.

Activities of the Central bank for ensuring banking system stability shall not influence price stability negatively.

Profit earning is not the purpose of the Central bank.

Article 6. The types of activity forbidden for the Central bank

Central Bank has no right:

be engaged in financial assistance to the third parties, except for the organizations subordinated to it;

perform business activity;

issue guarantees according to obligations of the third parties, including the Government of the Republic of Uzbekistan;

participate in the capitals of banks and authorized funds (authorized capital) of other legal entities, except for participations in the capitals of the currency exchange, and also the organizations subordinated to it providing activities of the Central bank.

Central Bank does not grant the loans or financial aid to the Government of the Republic of Uzbekistan, to other state bodies and the organizations, including for financing of central government budget deficit of the Republic of Uzbekistan (further - the Government budget).

Article 7. Conflict of interest and measures for the prevention of corruption

Central Bank develops and realizes policy on prevention, identification and conflict management of interests and measure for the prevention of corruption which are obligatory for observance by all employees of the Central bank, and also its subordinated organizations.

Article 8. Accountability

Central Bank is accountable to the Senate of the Oliy Majlis of the Republic of Uzbekistan.

The Senate of the Oliy Majlis of the Republic of Uzbekistan considers the annual statement of the Central bank together with the conclusion of auditing organization.

Article 9. Regulatory legal acts of the Central bank

Central Bank within the powers adopts the regulatory legal acts obligatory for execution by all physical persons and legal entities in the territory of the Republic of Uzbekistan.

Regulatory legal acts of the Central bank become effective from the date of their official publication if in acts later term is not specified.

Article 10. Organizational structure of the Central bank

Central Bank represents the single centralized control system.

Central Bank for implementation of the powers and accomplishment of functions has the right to create the organizations subordinated to it.

In the Republic of Karakalpakstan, areas and the city of Tashkent the Central bank creates the head territorial administrations which do not have the status of the legal entity.

The subordinated organizations of the Central bank perform the activities based on provision (charter) approved by the Central bank.

Chapter 2. Powers and functions of the Central bank

Article 11. Powers of the Central bank

Central Bank:

establishes rules of implementation of calculations in the Republic of Uzbekistan;

establishes procedure for opening, maintaining and closing of customer accounts with bank in national and foreign currency;

releases and withdraws from circulation in the territory of the Republic of Uzbekistan bank notes;

exercises the priority right of the state to acquisition of the affined gold for replenishment of assets in precious metals;

puts into circulation ingots from precious metals;

establishes procedure for purchase and sale of bank notes from precious metals;

establishes procedure for making by banks of transactions with precious metals;

grants to banks short-term loans, and also the credits for the emergency liquidity support according to the procedure and on the conditions determined by it;

uses motivated judgment during the licensing of activities of banks, accounting registration of the organizations performing activities of the microfinancial organization, and the organizations for refinancing of mortgage, and also regulation and supervision of activities of the banks, the organizations performing activities of the microfinancial organization, the organizations for refinancing of mortgage, pawnshops and banking groups;

requests and receives information necessary for implementation of the powers from state bodies and the organizations;

owns, uses and disposes of the property reflected in its balance;

creates the organizations, including the currency exchange subordinated to it;

makes financial transactions, including renders banking services to the foreign governments, Central Banks of other states;

represents the interests of the Republic of Uzbekistan in Central Banks of other states and the international financial institutions within the powers;

opens representations in foreign states;

performs bond emission;

concludes on its own behalf or at the request of the Government of the Republic of Uzbekistan on behalf of the Republic of Uzbekistan clearing and payment agreements;

holds control event for identification of violations in the banks, the organizations performing activities of the microfinancial organization, the organizations for refinancing of mortgage and pawnshops, including remotely;

establishes requirements to reproduction of images of banknotes and coins;

opens accounts for banks;

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