Approved by Board of the Central bank of the Republic of Uzbekistan of February 20, 1999 No. 298 (the protocol No. 3)

Regulations on procedure for carrying out transactions in the curb foreign exchange market

This Provision is developed according to Article 7 of the Law of the Republic of Uzbekistan "About currency control" and determines procedure for carrying out transactions and implementation of calculations for purchase and sale of foreign currency by authorized banks, legal entities and physical persons in the curb foreign exchange market.

I. General provisions

1. In the curb foreign exchange market the following transactions are performed;

- purchase of foreign currency by authorized banks from the clients;

- obligatory sale of part of currency earnings of the companies and organizations in the established sizes;

- sale of foreign currency to the companies and organizations, owners of licenses of the Central bank;

- purchase and sale of cash foreign currency through exchange points;

- interbank transactions of authorized banks, including for reinforcement of exchange points.

2. The main sources of means of authorized banks for implementation of transactions in the curb foreign exchange market are:

- own resources of authorized banks, including retained earnings;

- the means arriving from obligatory sale of part of currency earnings, polnenny the companies and the organizations from the decentralized export;

- the currency means of the companies and organizations having overdue debt in sumach on payments in the budget and to loans of banks, which are subject to obligatory sale to authorized banks at the rate of the curb foreign exchange market for covering of the formed debt;

- deposits of clients and other raised funds placed in authorized banks;

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