TASHKENT, Uzbekistan, November 7. Central Bank of Uzbekistan has published the draft resolution On amendments and additions to the Rules of currency transactions in the Republic of Uzbekistan, Trend reports.
As per the document provided by the Central Bank, the economic entity will have to provide copies of the following documents when submitting an application:
- contract (transaction, invoice) concluded for the implementation of a currency transaction
- the schedule of repayment of the principal amount and interest (in case of servicing leases and loans in foreign currency)
- dividends and other income of foreign investors (in case of repatriation of profits)
- a document on the distribution of profits, payment of dividends, the conclusion of an audit organization or tax authority, as well as confirmation of the tax authority on the payment of income tax;
- documents confirming receipt of funds in the national currency in a legal manner (when transferring funds by non–residents or to the accounts of their organizations established abroad)
Meanwhile, Uzbekistan’s Republican Currency Exchange (UzRVB) has launched a new project aimed at automating the process of forming and transferring financial documents for transactions concluded on the REPO market of government securities (GS).
The innovation is said to facilitate the decision-making process on the part of the bank, increases the speed of transactions and reduces the risk of errors when transferring money.
The volume of transactions amounted to 44.86 trillion soums ($3.68 billion) as of October 1 of 2023, with and increase by 24 times relative to the final indicators of the first quarter of the year.
