Approved by Board of the Central bank of the Republic of Uzbekistan on March 28, 1998, No. 354

Procedure for making of the external borrowings and other currency transactions connected with capital movement

This Procedure is developed according to the Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About currency control", "About external borrowings" and determines types of the currency transactions connected with capital movement and also rules of registration of agreements on the external borrowings which are not guaranteed by the Republic of Uzbekistan for the purpose of their accounting and tracking in the Central bank of the Republic of Uzbekistan.

1. Central Bank of the Republic of Uzbekistan licenses the following circle of the currency transactions connected with capital movement:

* attraction of financial resources in foreign currency in the form of the credits, bonded loans, deposits and other forms taken in the international practice from banks and other financial nonresident organizations, and also non-bank nonresident organizations;

* investment of funds in foreign currency in the form of deposits, the credits and other forms taken in the international practice in banks and other financial nonresident organizations, and also non-bank nonresident organizations;

* investment of capital in foreign currency in the form of direct and portfolio investments abroad (equity in the companies abroad, share purchase of overseas enterprises, government securities);

* other currency transactions which are not the current currency transactions.

2. For receipt of the license (permission) to implementation of the currency transactions connected with capital movement and also registration of credit agreements for the purpose of their accounting and tracking in the Central bank of the Republic of Uzbekistan legal resident persons submit the following documents:

a) the motivated petition in which the purpose and conditions of attraction (placement) of means in foreign currency is specified;

b) notarized copy of the credit agreement;

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