President of Uzbekistan Shavkat Mirziyoyev signed a decree “On priority measures for liberalization of monetary policy” on 2 September 2017. According to the document, from 5 September, resident-citizens of Uzbekistan will be able to sell foreign currency at exchange rates at the market rate and purchase it for conversion cards for use abroad without any restrictions.
From 5 September, legal entities of Uzbekistan will be able to purchase foreign currency in commercial banks without restrictions for payment on current international transactions, including import of goods, works and services, repatriation of profits, repayment of loans, payment of travel expenses and other transfers of non-trade nature. Individual entrepreneurs the formation of the legal entity engaged in import of consumer goods are allowed to purchase, in line with the rules, set for individuals, foreign currency through bank accounts. Uzbek leader abolished the requirement of mandatory sale of proceeds in foreign currency to exporters, regardless of their form of ownership.
Individual entrepreneurs without the formation of the legal entity, as well as farms that have income in foreign currency, can withdraw cash foreign currency from their bank accounts. The decree said that the exchange rate of hard currency to national currency will be set on market mechanisms. The amount of commissions for purchase and sale of foreign currency is established by the commercial bank independently.
The President has banned payments in foreign currency for goods (works and services), except payments through international payment cards in accordance with international practice. Prices and tariffs for goods, works and services, as well as minimum requirements to the authorized capital of companies are determined only in national currency, the decree said. State fees, fees and other mandatory payments are levied only in the national currency, with the exception of consular fees.
