Approved by Board of the Central bank of the Republic of Uzbekistan on September 5, 1998 (the protocol No. 15), No. 232

Procedure for maintaining accounts by commercial banks in foreign currency

I. General provisions

1.1. This Procedure in compliance the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About currency control" determines rules of maintaining on-demand deposit accounts of legal entities and physical persons by commercial banks - residents and nonresidents in foreign currency (further - currency accounts).

Opening of currency accounts is performed according to the procedure, established by the Instruction about the bank accounts opened in banks of the Republic of Uzbekistan (reg. No. 1948 of April 27, 2009).

1.2. Payments from currency accounts are made by authorized banks within balance on accounts. Besides, transactions on currency accounts with use of bank payment cards can be made within the overdraft limits set by commercial banks.

1.4. Interest rates and rates of commission fee for transactions by commercial banks are determined in bank account agreement.

1.5. Commercial banks have the right to levy commission fee on transactions of bank in foreign currency.

1.7. Banks guarantee secret on transactions, accounts and deposits of the clients and correspondents. All bank clerks shall keep secret on transactions, accounts and deposits of bank, his clients and correspondents.

Issue third to persons of data on condition of customer accounts of bank is made according to the procedure, established by the Law of the Republic of Uzbekistan "About bank secrecy".

1.8. Commercial banks provide necessary guarantees to investors on safety and unconditional return of deposits according to the signed agreements.

II. Accounts of legal entities - residents in foreign currency

2.1. Means in foreign currency of legal resident persons are stored on currency accounts in authorized banks in the territory of the Republic of Uzbekistan and used by them independently according to the legislation.

The foreign currency received by legal resident persons including currency earnings from commodity export (works, services), is subject to obligatory transfer into their accounts in commercial banks if other is not established by the Central bank of the Republic of Uzbekistan.

2.2. Into the provisional accumulation currency accounts opened for the companies with foreign investments before their state registration the means in foreign currency arriving from abroad, in the amount of, established by the legislation can be enlisted.

Use of funds from this account is allowed only for fee in authorized fund or, in case of refusal in registration of the company, return to vnositel.

2.3. Into currency accounts of legal resident persons foreign currency amounts can be credited:

a) on the payments connected with conducting foreign trade;

b) purchased through commercial banks in the territory of the Republic of Uzbekistan;

c) the cash foreign currency received in the cases established by the legislation;

d) on the obtained credits, foreign investments and loans according to the procedure, established by the legislation, and the payments connected with their implementation;

e) on entering into authorized capital (authorized capital) of legal entities in the procedure established by the legislation;

e) on payments to bank payment cards according to the international practice;

g) on payments of uncommercial nature in the cases established by the legislation;

1) are paid in the form of dividends;

h) transferred from other accounts of the account holder opened in other banks of the Republic of Uzbekistan;

z 1) Ceased to be valid

i) receipt of funds in other cases established by the legislation.

2.4. The amounts which are registered on currency accounts can be according to the order of the account holder:

a) are listed on the payments connected with implementation of the current international transactions;

b) are used on payment of commission fee on transactions of bank in foreign currency, payment of the expenses connected with sending of workers out of limits of the Republic of Uzbekistan (including in cash form);

c) are used on payments on account of repayment of the credits, loans, percent and other income;

d) are listed on expenses on entering into authorized capital (authorized capital) of legal entities in the procedure established by the legislation;

e) are used for sale through commercial banks in the territory of the Republic of Uzbekistan;

e) are listed on payments of uncommercial nature in the cases established by the legislation;

g) are transferred to other accounts of the account holder opened in other banks of the Republic of Uzbekistan;

h) are used in other cases established by the legislation.

2.4.1 The amounts which are registered on currency accounts of farms can according to the order of the account holder be paid in cash foreign currency.

III. Accounts of legal entities - nonresidents in foreign currency

3.1. Currency accounts for legal nonresident persons are opened for the foreign diplomatic and other official missions which are in the Republic of Uzbekistan, the international organizations and their branches using immunity and diplomatic privileges and also the representative offices of the foreign organizations in the Republic of Uzbekistan which are not performing economic or other business activity.

performing purchase (sale) of shares of societies at the organized biddings;

3.2. Into these accounts can be enlisted:

a) the foreign currency converted from abroad addressed to the account holder and also from its accounts opened in other banks of the Republic of Uzbekistan;

b) the foreign currency which is subject to payment by commercial banks:

- according to the payment documents in foreign currency sent from abroad addressed to the account holder;

- according to payment documents in foreign currency to the bank payment cards imported from abroad by the account holder;

- according to the personalized payment documents shown in bank in foreign currency which do not have the endorsements made in the territory of the Republic of Uzbekistan;

The paragraph the fifth the subitem ) Item 3.2 is excluded according to the Resolution of Board of the Central bank of the Republic of Uzbekistan of 23.11.2013 No. 22/3

-1) dividends and other income from investing activities in the Republic of Uzbekistan of the legal entity - the nonresident who created representations;

c) cash foreign currency:

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