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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 12, 2007 No. PP-670

About measures for further increase in capitalization of banks and activization of their participation in investment processes on upgrade of economy

(as amended on 19-05-2011)

For the purpose of further increase in level of capitalization of commercial banks, ensuring their broad participation in investment processes, structural transformations of economy, upgrade, technical and technological rearmament of productions:

1. Determine the priority directions of further deepening of reforms and liberalizations in bank financial system:

increase in level of capitalization of banks due to increase in their authorized capital, release and active share placing in the stock markets for attraction in the capital of banks of free money of the population, subjects of entrepreneurship and potential investors, including foreign;

broad participation of commercial banks the capital in investment processes on creation of new modern productions, and also upgrade, technical and technological rearmament of the existing companies providing expansion of production of competitive, export-oriented products and employment increase of the population on this basis;

further reducing extra bank cash turnover, uninterrupted and unconditional providing with cash on the first demand of clients;

expansion of network of the mini-banks and range of services rendered by banks, customer service improvement of quality;

strengthening of commercial banks by professionally prepared highly qualified personnel, increase in responsibility and culture of bank servicing.

2. Approve the offer of the Central bank and Ministry of Finance of the Republic of Uzbekistan on the direction the Ministry of Finance of the part of profit of the Central bank following the results of 2006 which is subject to transfer in the government budget on increase in the authorized capital and expansion of resource base of investment:

Mikrocreditbank - in the amount of 42 billion bags, including 32 billion bags on increase in the authorized capital and 10 billion bags on opening of credit line with purpose on financing of investment projects of subjects of small business;

Pakhtabank - of 25 billion bags, including 15 billion bags on increase in the authorized capital and 10 billion bags on opening of credit line with purpose on implementation of investment projects on deep conversion of fruit and vegetable and livestock products;

Ipotekabank - in the amount of 25 billion bags, including 15 billion bags on increase in the authorized capital and 10 billion bags on opening of credit line with purpose on expansion of amounts of mortgage lending.

Recommend to commercial banks to direct at least 30 percent of profit of bank following the results of year, after payment of all taxes and payments, to increase in bank stock.

3. Provide to commercial banks for the period till January 1, 2012 the right to reduce taxable basis on the income tax by the amount of the income received by them from loan granting over three years on implementation of investment projects on upgrade, technical and technological rearmament and updating of production in priority industries of economy according to the approved target programs.

To the Cabinet of Ministers of the Republic of Uzbekistan (Mirziyoyev Sh. M.) to approve Regulations on procedure for provision of the specified tax benefits in a month.

4. Establish procedure according to which:

primary public placement on the stock exchange of shares of commercial banks is performed in the amount of at least 25 percent from amount of again released shares (except for private banks);

shares of commercial banks without fail join in listing of stock exchange with the publication of regular stock exchange quotations.

5. Ceased to be valid according to  Postanovleniyevm Prezidenta of the Republic of Uzbekistan of 19.05.2011 No. PP-1531

6. Ceased to be valid

7. Extend till January 1, 2010 action of the customs and tax benefits provided by the resolution of the Cabinet of Ministers of September 24, 2004 to N445 "About Measures for Further Development of Settlement System on the basis of Plastic Cards" when importing and using the plastic cards, payment terminals, the software, ATMs, information booths of self-service, other equipment and consumable materials used when implementing payments according to plastic cards.

8. To Central Bank of the Republic of Uzbekistan together with Banking association of Uzbekistan, the interested ministries and departments, commercial banks to develop and approve package of measures in a month on:

to implementation of system of national individual rating assessment of commercial banks, financial institutions, issuers and the securities issued by them;

to receipt of the ratings of creditworthness of the international rating agencies by commercial banks.

9. To Central Bank of the Republic of Uzbekistan together with the Ministry of Justice and other interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution in a month.

10. 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.

 

President

Republic of Uzbekistan I. Karimov

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