RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of May 28, 2005 No. 610

About approval of Rules of maintaining open foreign exchange position

According to the Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About currency control" (new edition) the Board of the Central bank of the Republic of Uzbekistan decides:

1. Approve Rules of maintaining open foreign exchange position (new edition) according to appendix.

2. Recognize invalid:

The resolution of Board of the Central bank of the Republic of Uzbekistan of March 28, 1998 No. 392 "About approval of Rules of maintaining open foreign exchange position" (reg. No. 466 of 3.08.1998);

The resolution of Board of the Central bank of the Republic of Uzbekistan of June 24, 2000 No. 392-1 "About modification No. 1 of Rules of maintaining open foreign exchange position" (reg. No. 466-1 of 11.08.2000).

3. Enact this resolution since August 1, 2005.

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of May 28, 2005 No. 610 (No. 11/8)

Rules of maintaining open foreign exchange position (new edition)

These rules are developed according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About currency control" (new edition) and set limits of open foreign exchange positions, determine procedure for their calculation, regulation and feature of implementation of supervision of observance by commercial banks of the set limits of open foreign exchange positions for the purpose of ensuring banking system stability of the Republic of Uzbekistan.

I. General provisions

1. For the purpose of these rules the following concepts are used:

Foreign exchange position - the indicator characterizing ratio of requirements and obligations of authorized bank in the foreign currency secured as a result of implementation of transactions on purchase and sale of foreign currency, and also other transactions as a result of which requirements or obligations of commercial bank expressed in foreign currency change.

Open foreign exchange position - foreign exchange position in case of which the amount of requirements of commercial bank in foreign currency does not match the amount of its obligations in foreign currency.

Long foreign exchange position - open foreign exchange position in case of which the amount of requirements of commercial bank in foreign currency exceeds the amount of its obligations in foreign currency.

Short foreign exchange position - open foreign exchange position in case of which the amount of obligations of commercial bank in foreign currency exceeds the amount of its requirements in foreign currency.

The total size of open foreign exchange positions - the amount of long (short) positions on all currency types.

The total size of all short foreign exchange positions - the total amount of short foreign exchange positions for all types of foreign currencies.

The total size of all long foreign exchange positions - the total amount of long foreign exchange positions for all types of foreign currencies.";

Requirements of authorized bank in foreign currency - the assets and contingencies (transaction on derivative financial instruments) connected with foreign currency.

Obligations of authorized bank in foreign currency - the obligations and contingencies (transaction on derivative financial instruments) connected with foreign currency.

Limits of open foreign exchange positions - the restrictions of ratios of open foreign exchange position on each foreign currency set by the Central bank of the Republic of Uzbekistan separately, the total size of open foreign exchange positions and the regulatory capital of bank.

Requirements and obligations on contingencies of the requirement and obligation of bank resulting from the signed purchase contracts or sale of the derivative financial instruments connected with foreign currency (currency derivatives: future, forward, option, svopny).

II. Procedure of payments of open foreign exchange position

2. Treat the transactions influencing changes of open foreign exchange position:

transactions on purchase and sale of foreign currency with immediate money transfer (no later than the second working banking day of transaction date), and also their transfer to term (over two working banking days of transaction date), including transactions with cash foreign currency;

charge and receipt of the income in foreign currency;

charge and payment of expenses in foreign currency;

transactions on the derivative financial instruments connected with foreign currency (currency derivatives: forward, futures, option and svopny contracts) on which there are requirements and obligations in foreign currency regardless of method and form of carrying out payment under such transactions;

other foreign currency transactions (the assets purchased for foreign currency, sale of own shares for foreign currency and other transactions with currency values if under the terms of these transactions exchange (conversion) of foreign currencies is provided in this or that type).

3. Calculation of open foreign exchange position is perfromed as of the end of each operational day on each foreign currency separately in equivalent in poison ivy on the rates operating for date of reflection in the reporting established by the Central bank of the Republic of Uzbekistan.

4. For calculation of open foreign exchange position the amount of obligations of commercial bank is compared with the amount of its requirements in foreign currency. At the same time the short foreign exchange position is specified with sign "-", the long foreign exchange position is specified with the sign "+".

5. The total actual size of size of open foreign exchange positions is determined in case of calculation of the amount of all short and all long foreign exchange positions separately, and also in case of calculation of all open foreign exchange positions.

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