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LAW OF THE REPUBLIC OF UZBEKISTAN

of December 21, 1995 No. 154-I

About the Central bank of the Republic of Uzbekistan

(The last edition from 15-01-2019)

I. General provisions

Article 1. Legal status

Legal status, tasks, functions, powers, the principles of the organization and activities of the Central bank are determined by the Constitution of the Republic of Uzbekistan, this Law and other legal acts.

Central Bank is legal entity and is in exclusive property of the state /

Central Bank - economically independent organization performing the expenses at the expense of own income.

Central Bank and its organizations have seal with the image of the State Emblem of the Republic of Uzbekistan and the name.

Article 2. Property

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, in the procedure established by the legislation.

Article 3. Main goal and main objectives

Main goal of the Central bank is ensuring stability of national currency.

The main objectives are:

forming, acceptance and realization of monetary policy and policy in the field of currency control;

the organization and providing effective settlement system in the Republic of Uzbekistan;

licensing and banking regulation, activities, microcredit institutions of pawnshops, currency exchange and credit bureaus, supervision of banks, microcredit institutions and pawnshops and credit bureaus, licensing of production of forms of securities;

storage and management of official gold and foreign exchange reserves of the Republic of Uzbekistan, including reserves of the government under the agreement;

the organization together with the Ministry of Finance of cash execution of the State Budget.

Article 4. The forbidden types of activity of the Central bank

Central Bank has no right:

be engaged in financial assistance;

perform business activity;

participate in the capitals of banks and other legal entities, except for participations in the capitals of People's Bank of the Republic of Uzbekistan, Mikrocreditbank joint stock bank, the currency exchange the, and also companies and organizations providing activities of the Central bank.

Article 5. Accountability

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

appoints and dismisses the chairman of the board of the Central bank on representation of the President of the Republic of Uzbekistan;

considers the annual statement, and also the audit certificate.

Central Bank annually publishes in seal the report on the current situation in the monetary sphere and the main directions of monetary policy.

Article 6. Independence of the Central bank

Central Bank is independent in decision making within the powers.

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

Article 7. Regulations

Central Bank within the competence publishes the regulations obligatory for execution by all persons in the territory of the Republic of Uzbekistan.

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

Article 8. Organizational structure

Central Bank represents the single centralized control system.

For accomplishment of the assigned tasks the Central bank creates the relevant services and organizations.

In the capital of the Republic of Karakalpakstan, the regional centers and the city of Tashkent the Central bank creates the head departments which do not have the status of the legal entity.

Services and organizations of the Central bank act on the basis of the provisions approved by Board of the Central bank (further Board).

Article 9. Foreign economic activity

Central Bank has the right:

represent the interests of the Republic of Uzbekistan in Central Banks of other states, international banks and other financial credit institutes;

make financial transactions, including render banking services to the foreign governments, foreign Central Banks and bodies of monetary control, and also the international organizations which members is the Republic of Uzbekistan;

open representations in foreign states;

perform accreditation in the Republic of Uzbekistan of representative offices of foreign banks.

Relations of the Central bank with banks and credit institutes of other states it is performed according to international treaties of the Republic of Uzbekistan, and also interbank agreements.

II. Financial position of bank

Article 10. Authorized capital of the Central bank

The size of the authorized capital of the Central bank constitutes two billion sum. Increase in the size of the authorized capital is made according to the decision of the Senate of the Oliy Majlis of the Republic of Uzbekistan.

The authorized capital of the Central bank is not subject to transfer or use as mortgage providing.

Article 11. Determination and profit distribution

The profit of the Central bank for each financial year is determined after:

forming of reserves, coverings of possible losses on bad, doubtful debts and other assets;

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