RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of June 30, 2000 No. 250

About measures for further liberalization of the foreign exchange market and expansion of currency exchange transactions

For the purpose of liberalization of the foreign exchange market, expansion of currency exchange transactions and step-by-step ensuring internal convertibility of national currency, prevention of violations of the current legislation about the address of cash foreign currency in the territory of the republic the Cabinet of Ministers decides:

1. excluded

2. Determine that:

activities of exchange points are performed only in the presence of the corresponding detectors, testers, other necessary modern equipment for determination of authenticity of foreign currencies;

purchase of foreign currency in exchange points is made without restrictions;

currency exchange transactions are performed by authorized banks at the expense of own (including earlier purchased through exchange points) and the raised funds, including due to purchase of means of the clients remaining after implementation of obligatory sale of currency earnings and also in the interbank foreign exchange market;

along with sale of cash foreign currency through exchange points to physical persons - residents also issue on the amount of the purchased currency of the travel checks emitted by authoritative foreign banks and financial institutions is performed;

exchange of travel checks of authorized banks to physical persons is performed at will on cash national currency or cash foreign currency on buying rate in exchange points for transaction date.

3. Recommend to authorized banks to buy and sell foreign currency on free rate proceeding from the demand and supply of foreign currency.

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