LAW OF THE REPUBLIC OF UZBEKISTAN

of April 19, 2023 No. ZRU-831

About introduction of amendments to the Law of the Republic of Uzbekistan "About banks and banking activity"

Accepted by Legislative house on February 7, 2023

Approved by the Senate on April 7, 2023

Recently in the country number of the measures aimed at providing financial stability and stability of banking sector, creation of conditions for rendering available and high-quality financial services by banks, and also increase in trust of the population to banks is realized.

At the same time there is need of creation of additional legal terms for ensuring stability and stability of banking sector, increase in level of capitalization of banks and increase in their resource base, and also attraction of foreign investments to this sphere.

This Law to the Law of the Republic of Uzbekistan "About banks and banking activity" makes the changes providing introduction of requirements about step-by-step increase in the minimum size of the authorized capital of bank with hundred to five hundred billion sum by January 1, 2025. Besides, restrictions on share acquisition of the banks by nonresidents by provision of the right of share acquisition by it placed in the foreign stock markets are partially cancelled.

This Law will promote further increase in level of capitalization of banks and increase in their resource base, expansion of their participation in processes of structural transformations of economy, and also attraction of foreign investments in banking sector.

Article 1. Bring in the Law of the Republic of Uzbekistan of April 25, 1996 No. 216-I "About banks and banking activity" (in edition of the Law of the Republic of Uzbekistan of November 5, 2019 No. ZRU-580) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2019, No. 11, Art. 788; 2020, No. 1, Art. 1; 2021, appendix to No. 4, No. 10, Art. 968) following changes:

1) in Article 13:

state part one in the following edition:

"The minimum size of the authorized capital of bank shall constitute:

till September 1, 2023 hundred billion sum;

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