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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of January 15, 1999 No. 24

About measures for further reforming of bank system

(as amended on 16-06-2020)

In pursuance of the Presidential decree of the Republic of Uzbekistan of October 2, 1998 UP-2084 "About Measures for Enhancement of Activities of Joint Stock Banks" and for the purpose of increase in banking system stability, mobilization of resources of banks, expansions of participation of banks in crediting of economy, and also development of competitive environment in the sphere of banking services the Cabinet of Ministers decides:

1. It is excluded

2. Take into consideration that at general shareholder meetings 16 of joint stock banks decisions on attraction of additional resources for increase in the authorized capital at total amount of 15 billion sum are made.

Determine that increase in amount of the authorized capital of banks is made first of all due to attraction of financial resources of foreign investors, and also available funds of shareholders of banks.

Recommend to commercial banks to finish forming of the announced authorized capital till January 1, 2000.

3. Determine that:

the share of one shareholder or group of the interconnected shareholders (except for shares of the state) in the authorized capital of bank cannot exceed 25 percent from the general size of the authorized capital. This regulation does not extend to private banks and banks with participation of the foreign capital;

since January 1, 1999 participation of bank in the authorized capital of again registered banks, except as specified creations of banks with participation of the foreign capital and subsidiary banks is not allowed. To commercial banks till January 1, 2001 to realize the blocks of shares belonging to them in the authorized capital of the operating banks.

4. To the State Property Committee and Ministry of Finance of the Republic of Uzbekistan jointly:

with bank of Usak to develop and make in the Cabinet of Ministers offers on implementation of the bank shares owned by the state on tender basis in a month, including to foreign investors;

with National Bank of foreign economic activity to develop and approve at meeting of Council of the bank the schedule of actions for incorporating bank due to reduction of share of the state in the authorized capital in a month.

5. Ceased to be valid

6. Grant the right to the legal entities placed in the territory of the republic, open accounts in several banks with obligatory informing tax authorities in the place of tax payment:

to the companies with number of the working more than 1000 people - since June 1, 1999;

to the companies with number of the working more than 200 people - since December 1, 1999;

to other legal entities - since June 1, 2000.

7. To Central Bank of the Republic of Uzbekistan:

together with the State Tax Committee of the Republic of Uzbekistan in two weeks to develop procedure for use of National information base of bank depositors for the automated accounting for the purpose of the taxation of the accounts of legal entities opened in commercial banks of the republic;

take measures for enhancement of work of auction of credit resources with creation of conditions of the bystry and guaranteed placement of free money resources in the interbank market.

8. Approve the restructuring program of debt to commercial banks on the credits delayed according to decisions of the Government according to the appendix N 2.

To the Ministry of Finance together with the Central bank of the Republic of Uzbekistan, proceeding from the specified program to determine the sizes and repayment periods of the debt to commercial banks delayed according to decisions of the Government and section of legal persons borrowers.

9. To commercial banks of the Republic of Uzbekistan:

provide timely return of centralized resources at the expense of the means which are released as a result of repayment of the delayed credits;

direct own and raised funds for long-term lending of agricultural cooperatives (shirkat) which are released as a result of restructuring, Dehkan and (farms, and also the companies of small and medium business making consumer goods.

10. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 16.06.2020 No. 384

11. To commercial banks annually to develop, with approval by Council of the bank till February 1 of the corresponding year, the directions of credit policy covering amounts and types of the issued credits, ratio between short-term and long-term loans, procedure of the analysis of financial information for borrowers, procedure for issue and repayment of the credits, percentage policy, requirements to mortgage providing, process of audit of credit portfolio, and also measure for ensuring timely payments, recoverability of means and to collection of accounts payable.

12. To the Ministry of Justice together with the Central bank and the Ministry of Finance of the Republic of Uzbekistan in ten-day time to make offers on the changes and amendments in the legislation following from this resolution.

To the ministries and departments, the Central bank of the Republic of Uzbekistan to make corresponding changes to the existing regulations in a month.

13. Recognize invalid decisions of the Government of the Republic of Uzbekistan according to the appendix N 3.

14. Confidentially.

15. To impose control over the implementation of this Resolution on the Prime Minister of the Republic of Uzbekistan Sultanov U. T. and chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

Chairman of the Cabinet of Ministers

I. A. Karimov

Appendix No. 2

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of January 15, 1999 No. 24

The restructuring program of the debt to commercial banks delayed according to decisions of the Government

No. 384 voided according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 16.06.2020

Appendix No. 3

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of January 15, 1999 No. 24

The list voided the decision of the Government of the Republic of Uzbekistan

1. Item 8 of the resolution of the Cabinet of Ministers of January 18, 1996 N 30 "About measures but to enhancement of management and stabilization of activities of the Uzbek state and joint-stock association of the meat and dairy industry Uzmyasomolprom".

2. Item 3 of the resolution of the Cabinet of Ministers of April 12, 1996 N 146 "About strengthening of the state support of agricultural producers" regarding repayment of deferred debt.

3. Paragraph two of Item 5 of the resolution of the Cabinet of Ministers of July II, 1996 N 246 "About measures for deepening of privatization of karakulevodchesky farms of Tamdynsky and Uchkuduksky district of the Navoiy region" regarding repayment of deferred debt.

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