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PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of January 9, 2018 No. UP-5296

About measures for radical enhancement of activities of the Central bank of the Republic of Uzbekistan

(as amended on 30-04-2021)

The happening serious changes in world financial system, and also the measures for large-scale reforming of national economy taken in the country require new approaches and the principles during the forming, practical realization of monetary policy and further development of bank system.

Objectively it is necessary to recognize that today in practice not all potential of monetary policy and bank regulation, backwardness of the transmission mechanisms ensuring due functioning and effectiveness of monetary tools is involved complicates achievement of effective objectives.

Imperfection of the available mechanisms of impact of the Central bank of the Republic of Uzbekistan (further - the Central bank) on quality of management and risk management of commercial banks, the continuing practice of administrative intervention in banking activity, especially, creation by commercial banks of the companies unusual for their activities, and also encumbrance by non-core functions complicate carrying out efficient banking supervision.

According to the Strategy of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021, and also for the purpose of ensuring further enhancement of monetary policy, effective supervision of stable functioning of bank system in general and activities of the Central bank:

1. Consider strategic target reference points of activities of the Central bank providing:

price stabilities;

stability and developments of bank system;

stability and developments of payment system.

2. Determine priority activities of the Central bank within the undertaken reforms:

the first, cardinal enhancement of monetary policy and its tools with gradual use of the principles and mechanisms of inflation targeting for the purpose of complete transition to this mode in the medium term and increases in level of transparency of implementable policy and the measures undertaken in the monetary sphere for prevention of unreasonable inflation expectations;

the second, development of statistical, analytical and research base for the purpose of enhancement of methods of forming, acceptance and realization of monetary policy on the basis of deep studying of factors of inflation and forming of full-fledged system of accounting and the analysis of paying balance;

third, enhancement of mechanisms of regulation and supervision of bank system, including management system and risks assessments of the commercial banks allowing to reveal problems in activities of commercial banks at early stages of their origin and to take effective anticipatory measures;

the fourth, development of bank system as important component of ensuring stable growth of economy in the average and long term, creation of competitive conditions for forming of full partnership between commercial banks and subjects of entrepreneurship, building confidence of the population in bank system as to the reliable institutional partner;

the fifth, further development of payment system, including the organization of effective interaction of information systems of commercial banks when rendering the remote banking services allowing to manage quickly accounts and to perform banking activities in real time;

the sixth, realization of complex measures for strengthening of financial stability of non-bank credit institutions, and also to strengthening of supervision over their activities;

the seventh, ensuring protection of the rights and legitimate interests of consumers of banking services, increase in financial availability and level of financial literacy of the population and subjects of entrepreneurship.

3. Form:

Committee of banking supervision and Credit committee of the Central bank of the Republic of Uzbekistan, having determined them the main objectives respectively implementation of measures for maintenance of banking system stability, depositor protection and creditors and to carrying out monetary transactions of the Central bank;

Service on consumer protection of banking services of the Central bank based on Department on work with appeals of physical persons and legal entities, having determined its main objectives protection of the rights and legitimate interests of consumers of banking services, increase in financial availability and level of financial literacy of the population and subjects of entrepreneurship.

4. Agree with offers of the Central bank, Ministry of Finance and State Tax Committee of the Republic of Uzbekistan about:

abolition of Republican bank board;

abolition of the Republican commission on monetary policy;

abolition of the Republican commission on reducing overdue receivables and payables and to strengthening of discipline of payments in the budget;

liquidations of the state unitary enterprise "Agency on Development of the Financial Sector of the Republic of Uzbekistan" under the Central bank of the Republic of Uzbekistan;

to cancellation of practice of assignment on the vice-chairman of the Central bank of direct management of activities of Republican service of collection under the Central bank of the Republic of Uzbekistan.

5. Approve taking into account the established priority activities and optimization of management system of the Central bank:

organizational structure of the Central bank of the Republic of Uzbekistan and structure of its central office according to appendices No. No. 1 and 2;

standard structure of head departments of the Central bank of the Republic of Uzbekistan on the Republic of Karakalpakstan, areas and the city of Tashkent according to appendix No. 3.

6. Take into consideration that according to the Law of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan":

the board of the Central bank has the right to make, if necessary, changes to the number of staff, organizational structure of the Central bank, structure of its central office and head departments on the Republic of Karakalpakstan, areas and the city of Tashkent;

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

Exclude the Central bank from the list of the state bodies supervised by the Cabinet of Ministers of the Republic of Uzbekistan.

7. To provide to Central Bank in 2018-2019 step-by-step implementation of the modern systems of personnel service providing competent selection, rational arrangement and staff rotation, forming of high-quality personnel reserve, and also increase in effectiveness and motivation of work of workers.

8. Take into consideration that resolutions 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" and of September 13, 2017 No. PP-3272 "About measures for further enhancement of monetary policy":

a) are approved:

Complex of actions for further development of bank financial system on the basis of the advanced banking practice for 2017 - 2021;

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