RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of June 29, 2000 No. 245

About measures for further development and strengthening of the curb foreign exchange market

For the purpose of ensuring further development and strengthening of the domestic curb foreign exchange market, expansion of sources and amounts of receipt of foreign currency and increase in efficiency of use of the currency Cabinet of Ministers resources decides:

1. Accept the offer of the Central bank and Ministry of Finance of the Republic of Uzbekistan on introduction since July 1, 2000 of the mechanism of sale of foreign currency in the curb foreign exchange market providing:

purchase by commercial banks from the clients of available currency funds on contractual basis on free rate, proceeding from the demand and supply of foreign currency;

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

3. Determine that in the domestic foreign exchange market:

commercial banks open for the clients separate currency accounts for accounting of own and acquired means in foreign currency;

the foreign currency purchased by authorized banks according to requests of clients, not uses within fifteen working days, is subject to unconditional return sale. To Central Bank to establish strict control over the implementation of this requirement by commercial banks and business entities, irrespective of pattern of ownership, the purposes and sources of acquisition of foreign currency.

4. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 14.05.2020 No. 283

5. To Central Bank together with the Ministry of Finance of the Republic of Uzbekistan to develop and implement the control system behind functioning of the domestic foreign exchange market providing since July 1, 2000:

sale of currency means only after confirmation of availability by commercial banks at the business entities performing purchase of foreign currency, the appropriate amount-based means;

monthly monitoring of receipt to the republic of foreign currency at the expense of all sources, the maximum attraction of currency funds for the curb foreign exchange market;

application of sanctions for violation of procedures of purchase, sale and use of currency, up to temporary, for up to 6 months, deprivation of commercial banks of the right of purchase of foreign currency in the domestic foreign exchange market.

6. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 14.05.2020 No. 283

7. To Central Bank, the Ministry of Finance of the Republic of Uzbekistan together with the Ministry of external commercial relations, the State Property Committee, other interested organizations to make in the Cabinet of Ministers suggestions for improvement of the mechanism and system of accounting of export-import transactions for national currency through the exchange and fair biddings in a month.

8. To the Ministry of Justice together with the Ministry of Finance, the Ministry of external commercial relations, the State Customs Committee, the State Tax Committee and the Central bank of the Republic of Uzbekistan in a month:

make the offers in the Cabinet of Ministers on changes and amendments in the current legislation following from this resolution;

provide reduction of departmental regulations in compliance with this resolution.

9. Make changes to decisions of the government of the Republic of Uzbekistan according to appendices No. No. 4 and 4a (confidentially).

10. The resolution to impose control of execution of the present on the Prime Minister of the Republic of Uzbekistan Sultanov U. T.

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of June 29, 2000 No. 245

Procedure business entities of obligatory sale of revenue in foreign currency

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

Appendix No. 2

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan on June 29, 2000 No. 245

Provisional regulations for procedure for making of transactions in the curb foreign exchange market

Voided

Appendix No. 3

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan on June 29, 2000 No. 245

The list of the states and the territories where offshore zones are located

Ceased to be valid

Appendix No. 4

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan on June 29, 2000 No. 245

The list of changes in decisions of the Government of the Republic of Uzbekistan

1. In the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 13, 1996 No. 95 "About measures for enhancement of control of use of means in foreign currency when implementing the foreign trade transactions":

consider invalid item 4 of the resolution;

consider invalid Item 3 of appendix No. 1.

2. Consider invalid Items 1 and 2 of the resolution the Cabinets of Ministers of the Republic of Uzbekistan of December 26, 1998 No. 538 "About additional measures for strengthening of the curb foreign exchange market".

3. Consider No. 541 which voided Item 8 of the resolution of the Cabinet of Ministers of December 31, 1998 "About the forecast of the main macroeconomic indicators for 1999" regarding sale of foreign currency to the companies owners of licenses of the Central bank of the Republic of Uzbekistan and through exchange points.

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