The Central Bank of Uzbekistan has amended the country's currency legislation, simplifying the process that enterprises must undergo when using foreign currency acquired on the local market.
Changes to Currency Operation Rules
These amendments were officially registered by the Ministry of Justice on July 16 under number 3281-6. They concern point 28 of the Currency Operations Rules, which regulates the use of funds held in special foreign currency accounts.
Previously, funds deposited into such accounts could only be used for the purposes specified in the application submitted when purchasing the currency. If a company needed to use the purchased currency to fulfill obligations under another contract, the existing regulations required first selling this currency to a commercial bank and then repurchasing it for a new purpose.
New Opportunities for Business
Under the updated regulations, enterprises now have the right to change the intended use of foreign currency purchased on the domestic currency market. The Ministry of Justice notes that these changes are aimed at increasing convenience for entrepreneurs and improving the flexibility of currency transactions.
Additional Amendments in June
Earlier, in June, the Chairman of the Central Bank, Timur Ishmetov, approved separate amendments concerning currency operations related to capital movement. These changes allow individuals to transfer up to $10,000 abroad annually without prior approval to participate in the charter capital of foreign companies or acquire shares in them.
Transfers to foreign brokerage and investment accounts are permitted only through licensed investment intermediaries operating in Uzbekistan. For state enterprises and their subsidiaries, the annual volume of foreign investments is limited to $100,000, including investments in foreign companies, as well as the establishment of branches, representative offices, and trading houses abroad. The corresponding annual limit for private companies is set at $200,000.
