RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of June 22, 2001 No. 263

About measures for further liberalization of the foreign exchange market

The Cabinet of Ministers notes that in 2000 and in the first half of the year of the current year number of specific measures for further liberalization of monetarist policies, to strengthening of the curb foreign exchange market is undertaken, the role of commercial banks considerably increased in it.

Significantly the circle of the business entities having access to converting of national currency extends, the quantity of exchange points increased, the procedure on purchase of foreign currency is simplified.

For the purpose of further deepening of process of liberalization of monetarist policies, expansion of the curb foreign exchange market and increase in scales of converting non-cash and cash the Cabinet of Ministers decides:

1. To critically review the work on involvement of the available opportunities and resources for sharp increase in receipt of convertible currency at the market of Uzbekistan, forming of the favorable investment climate and expansion of scales of export production which is carried out today.

To republican council on stimulation of development of the export potential (Sultanov) critically to estimate situation on these questions and following the results of the I half-year of the current year to make the specific proposals expected the period 2002-2005.

2. To the ministry of macroeconomic and statistics, the Ministry of Finance, the Central bank of the Republic of Uzbekistan together with the interested ministries and departments in two-month time based on studying of progressive foreign experience to develop and introduce in the Cabinet of Ministers the comprehensive program of measures providing qualitatively new approaches on decrease in the rate of inflation, increase in level of macroeconomic balance, saturation of the domestic market by competitive consumer goods.

3. To Central Bank of the Republic of Uzbekistan together with the Ministry of macroeconomic and statistics, the Ministry of Finance, commercial banks to make in the Cabinet of Ministers offers on toughening of monetary policy and strengthening of efficient control of cash aggregates, strengthening of the nalichnodenezhny address and reducing extra bank turnover of money in a month.

4. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 08.01.2018 No. 16

5. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 08.01.2018 No. 16

6. To the ministry of macroeconomic and statistics, the Ministry of external commercial relations, the Ministry of Finance and the Central bank of the Republic of Uzbekistan in two weeks:

develop and approve procedure for realization on auction basis of separate types of highly liquid products in the guaranteed amounts;

make in the Cabinet of Ministers offers on the nomenclature of highly liquid goods and the amounts allocated for realization in the II half-year 2001.

7. Confidentially.

8. Accept the offer of the Central bank and Ministry of Finance of the Republic of Uzbekistan on the transfer since July 1, 2001 to the free rate of the curb market developing proceeding from the demand and supply, purchase and sale of foreign currency on the following transactions:

No. 16 is excluded according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 08.01.2018

commodity import and services;

servicing of again attracted foreign loans;

repatriation of profit, dividends and other income of foreign investors;

traveling expenses.

It is wider to commercial banks to practice issue of short-term loans to the export companies in bags on replenishment of current assets.

9. To Central Bank of the Republic of Uzbekistan together with the Ministry of Finance, commercial banks till July 1, 2001 to develop and submit for approval of the Republican commission on monetary policy Regulations on procedure for tendering on sale and purchase of freely convertible currency in the curb foreign exchange market on the basis of the demand and supply.

10. Exempt since July 1, 2001 from payment of five-percent collection on purchase of freely convertible currency of the company, securing foreign currency on free rate of the curb foreign exchange market.

11. The republican commission on monetary policy in two weeks to make in the Cabinet of Ministers the offers connected with further increase in production of consumer goods including due to expansion of cooperation communications on deliveries of components, raw materials and materials.

12. To Central Bank of the Republic of Uzbekistan and commercial banks to perform complex of additional measures on:

to wider use of instruments of attraction of resources in freely convertible currency for increase in currency exchange transactions;

to further development and growth in volumes of interbank credit auctions, including in foreign currency;

to additional expansion of network of exchange points in tourist complexes, shopping centers, the markets and malls, the airports and customs posts.

13. Consider N103 "About Additional Measures for Development of the Curb Foreign Exchange Market" which voided the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 24, 2000.

14. To provide to the Ministry of Economics, the Central bank, the Ministry of Finance of the Republic of Uzbekistan cooperation increase with the International Monetary Fund, the World Bank, Asian Development Bank, the European Bank for Reconstruction and Development and other international financial and economic structures concerning development of measures and stages of further liberalization of economy and monetarist policies.

15. Recognize invalid, and also make changes and additions to decisions of the Government of the Republic of Uzbekistan according to appendix.

To Central Bank, the Ministry of Finance, the Ministry of external commercial relations of the Republic of Uzbekistan, other interested ministries and departments together with the Ministry of Justice in two weeks to bring the regulations into accord with this resolution.

16. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan Azimov R. S. and the Chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of June 22, 2001 No. 263

The list of the decisions of the Government of the Republic of Uzbekistan recognized invalid, and also decisions to which changes and additions are made

1. Recognize invalid:

the resolution of the Cabinet of Ministers of November 12, 1993 No. 550 "About enforcement in the territory of the Republic of Uzbekistan of "bags coupons" as parallel means of payment";

the resolution of the Cabinet of Ministers of November 19, 1993 No. 562 "About procedure for exchange of "bags coupons" for foreign currency";

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