PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of June 16, 1994 No. UP-870

About issuance of national currency of the Republic of Uzbekistan

According to article 122 of the Constitution of the Republic of Uzbekistan, article 11 of the Law "About Bases of the State Independence of the Republic of Uzbekistan" and the resolution of the Supreme Council of the Republic of Uzbekistan of September 3 1993 N 952-XII:

1. Introduce into circulation in the territory of the Republic of Uzbekistan national currency of the Republic of Uzbekistan - Sumy in the ratio of 1000 bags coupons to one "Bag".

2. Approve structure of the republican commission on introduction of national currency according to appendix it (is not brought). Assign to the commission the solution of all operational and current issues on exchange of cash liquidity and currency circulation.

3. The national currency of the Republic of Uzbekistan - Sumy is issued in cash currency circulation in the form of bank notes (banknotes) of the Central Bank of the Republic of Uzbekistan with nominal value in 1, of 3, of 5, of 10, of 25, of 50, 100 Sumy and metal coins 1, of 3, of 5, of 10, of 20, 50 Tiyin.

4. Determine that:

since July 1, 1994 legal means of payment in the territory of the Republic of Uzbekistan is Sumy;

"Bag" and Tiyina are obligatory to acceptance in the territory of the Republic of Uzbekistan in all payment types by all physical persons and legal entities, irrespective of patterns of ownership, and also banks for transfer in deposits and into accounts without any restrictions;

along with national currency - Sumy in the territory of the Republic of Uzbekistan it is allowed to be used in accordance with the established procedure as means of payment freely convertible currency.

5. For the purpose of creation of necessary conditions to the population for exchange of bags coupons and ensuring smooth transition to national currency:

- to organizations of banks of the Republic of Uzbekistan to stop release into the stream of commerce of bags coupons since July 1, 1994;

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