{"id":12413,"date":"2024-07-03T13:19:21","date_gmt":"2024-07-03T08:19:21","guid":{"rendered":"https:\/\/invest-in-uzbekistan.org\/?p=12413"},"modified":"2024-09-24T17:27:39","modified_gmt":"2024-09-24T12:27:39","slug":"o-tsentralnom-banke-respubliki-uzbekistan-prinyat-zakonodatelnoj-palatoj-17-avgusta-2019-goda-odobren-senatom-11-oktyabrya-2019-goda-zakon-respubliki-uzbekistan-dd-11-noyabrya-2019-g-zru-582","status":"publish","type":"post","link":"https:\/\/invest-in-uzbekistan.org\/en\/zakonodatelstvo\/o-tsentralnom-banke-respubliki-uzbekistan-prinyat-zakonodatelnoj-palatoj-17-avgusta-2019-goda-odobren-senatom-11-oktyabrya-2019-goda-zakon-respubliki-uzbekistan-dd-11-noyabrya-2019-g-zru-582\/","title":{"rendered":"ABOUT THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTANLAW OF THE REPUBLIC OF UZBEKISTAN DD NOVEMBER 11, 2019 \u2116LRU-582"},"content":{"rendered":"

LAW <\/span><\/strong><\/p>\n

OF THE REPUBLIC OF UZBEKISTAN<\/span><\/strong><\/p>\n

NOVEMBER<\/span> 11, 2019<\/span><\/strong><\/p>\n

\u2116<\/span>LRU-582<\/span><\/strong><\/p>\n

.<\/span><\/span><\/p>\n

ABOUT THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN<\/span><\/strong><\/p>\n

.<\/span><\/span><\/p>\n

ADOPTED BY THE LEGISLATIVE CHAMBER ON AUGUST 17, 2019<\/span><\/strong><\/p>\n

APPROVED BY THE SENATE ON OCTOBER 11, 2019<\/span><\/strong><\/p>\n

.<\/span><\/span><\/p>\n

CHAPTER 1. GENERAL PROVISIONS<\/span><\/strong><\/p>\n

Article 1. Purpose of this Law<\/span><\/p>\n

The purpose of this Law is to regulate the activities of the Central Bank of the Republic of Uzbekistan.<\/span><\/p>\n

Article 2. Legislation on the Central Bank of the Republic of Uzbekistan<\/span><\/p>\n

The legislation on the Central Bank of the Republic of Uzbekistan consists of this Law and other acts of legislation.<\/span><\/p>\n

Article 3. Legal status of the Central Bank of the Republic of Uzbekistan<\/span><\/p>\n

The legal status, powers, functions and organization of activities of the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank) <\/span>are determined<\/span> by the Constitution of the Republic of Uzbekistan, this Law and other acts of legislation.<\/span><\/p>\n

The Central Bank is a legal entity and is the exclusive property of the state; it carries out its expenses at the expense of its own income.<\/span><\/p>\n

The Central Bank makes decisions within the limits of its powers and functions independently of other government and management bodies.<\/span><\/p>\n

The Central Bank is not liable for the obligations of the state, and the state is not liable for the obligations of the Central Bank, unless they themselves have assumed such obligations or unless otherwise provided by law.<\/span><\/p>\n

The Central Bank, as well as organizations subordinate to it, have a seal and forms with their name with the image of the State Emblem of the Republic of Uzbekistan.<\/span><\/p>\n

Article 4. Property of the Central Bank<\/span><\/p>\n

The property of the Central Bank consists of its monetary and other material assets, the value of which <\/span>is reflected<\/span> in the balance sheet of the Central Bank.<\/span><\/p>\n

The Central Bank has the right to own, use and dispose of the property reflected in its balance sheet.<\/span><\/p>\n

Article 5. Main goals of the activities of the Central Bank<\/span><\/p>\n

The main goals of the Central Bank are to ensure stability:<\/span><\/p>\n

prices<\/span>;<\/span><\/p>\n

banking<\/span> system;<\/span><\/p>\n

functioning<\/span> of payment systems.<\/span><\/p>\n

The activities of the Central Bank to ensure the stability of the banking system should not negatively affect price stability.<\/span><\/p>\n

Making a profit is not the goal of the Central Bank.<\/span><\/p>\n

Article 6. Activities prohibited for the Central Bank<\/span><\/p>\n

The Central Bank has no right:<\/span><\/p>\n

engage<\/span> in providing financial assistance to third parties, with the exception of organizations subordinate to him;<\/span><\/p>\n

carry<\/span> out commercial activities;<\/span><\/p>\n

issue<\/span> guarantees for the obligations of third parties, including the Government of the Republic of Uzbekistan;<\/span><\/p>\n

participate<\/span> in the capitals of banks and authorized funds (authorized capitals) of other legal entities, with the exception of participation in the capitals of the currency exchange, as well as organizations subordinate to it that ensure the activities of the Central Bank.<\/span><\/p>\n

The Central Bank does not provide loans or financial assistance to the Government of the Republic of Uzbekistan, other government bodies and organizations, including <\/span>to finance<\/span> the deficit of the State Budget of the Republic of Uzbekistan (hereinafter referred to as the State Budget).<\/span><\/p>\n

Article 7. Conflict of interest and measures to prevent corruption<\/span><\/p>\n

The Central Bank develops and implements policies to <\/span>prevent,<\/span> identify and manage conflicts of interest and measures to prevent corruption, which are mandatory for compliance by all employees of the Central Bank, as well as its subordinate organizations.<\/span><\/p>\n

Article 8. Accountability<\/span><\/p>\n

The Central Bank is accountable to the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan.<\/span><\/p>\n

The Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan considers the annual report of the Central Bank along with the conclusion of the audit organization.<\/span><\/p>\n

Article 9. Regulatory acts of the Central Bank<\/span><\/p>\n

The Central Bank, within the limits of its powers, adopts regulations that are binding on all individuals and legal entities on the territory of the Republic of Uzbekistan.<\/span><\/p>\n

Regulatory legal acts of the Central Bank come into force from the date of their official publication, unless a later date <\/span>is indicated<\/span> in the acts themselves.<\/span><\/p>\n

Article 10. Organizational structure of the Central Bank<\/span><\/p>\n

The Central Bank is a unified centralized management system.<\/span><\/p>\n

To exercise its powers and perform its functions, the Central Bank has the right to create organizations subordinate to it.<\/span><\/p>\n

In the Republic of <\/span>Karakalpakstan<\/span>, regions and the city of Tashkent, the Central Bank creates main territorial departments that do not have the status of a legal entity.<\/span><\/p>\n

Subordinate organizations of the Central Bank carry out their activities <\/span>on the basis of<\/span> regulations (charter) approved by the Central Bank.<\/span><\/p>\n

CHAPTER 2. POWERS AND FUNCTIONS OF THE CENTRAL BANK<\/span><\/strong><\/p>\n

Article 11. Powers of the Central Bank<\/span><\/p>\n

Central bank:<\/span><\/p>\n

establishes<\/span> the rules for making payments in the Republic of Uzbekistan;<\/span><\/p>\n

establishes<\/span> the procedure for opening, maintaining and closing customer accounts in national and foreign currency by the bank;<\/span><\/p>\n

issues<\/span> banknotes into circulation and withdraws them from circulation on the territory of the Republic of Uzbekistan;<\/span><\/p>\n

exercises<\/span> the state\u2019s priority right to purchase refined gold to replenish assets in precious metals;<\/span><\/p>\n

puts<\/span> into circulation ingots of precious metals;<\/span><\/p>\n

establishes<\/span> the procedure for the purchase and sale of banknotes made of precious metals;<\/span><\/p>\n

establishes<\/span> the procedure for banks to carry out transactions with precious metals;<\/span><\/p>\n

provides<\/span> banks with short-term loans, as well as loans for emergency liquidity support in the manner and on the terms determined by it;<\/span><\/p>\n

uses reasoned judgment when licensing the activities of banks, accounting registration of organizations operating as microfinance organizations, and mortgage refinancing organizations, as well as regulating and supervising the activities of banks, organizations operating as microfinance organizations, mortgage refinancing organizations, pawnshops and banking groups;<\/span><\/p>\n

requests<\/span> and receives from government bodies and organizations information necessary to exercise its powers;<\/span><\/p>\n

owns<\/span>, uses and disposes of the property reflected in its balance sheet;<\/span><\/p>\n

creates<\/span> organizations subordinate to it, including a currency exchange;<\/span><\/p>\n

carries<\/span> out financial transactions, including providing banking services to foreign governments and central banks of other states;<\/span><\/p>\n

represents<\/span> the interests of the Republic of Uzbekistan in the central banks of other states and international financial institutions within the limits of its powers;<\/span><\/p>\n

opens<\/span> representative offices in foreign countries;<\/span><\/p>\n

issues<\/span> bonds;<\/span><\/p>\n

concludes<\/span> clearing and payment agreements on its own behalf or on behalf of the Government of the Republic of Uzbekistan on behalf of the Republic of Uzbekistan;<\/span><\/p>\n

carries<\/span> out control activities to identify violations in banks, organizations operating microfinance organizations, mortgage refinancing organizations and pawnshops, including remotely;<\/span><\/p>\n

establishes<\/span> requirements for the reproduction of images of banknotes and coins;<\/span><\/p>\n

opens<\/span> accounts for banks;<\/span><\/p>\n

operates<\/span> in financial markets by buying and selling outright (spot and forward) or under repurchase agreements, as well as by lending or borrowing market instruments, currencies and precious metals;<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 takes measures to identify and prevent threats to information security and cybersecurity in the activities of microfinance organizations, pawnshops, mortgage refinancing organizations (hereinafter referred to as non-bank credit organizations), as well as banks, payment organizations, payment system operators, currency exchanges and credit bureaus;<\/span><\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 monitors the activities of banks and non-bank credit organizations (hereinafter referred to as credit organizations), payment organizations, payment system operators, currency exchanges, credit bureaus to identify and prevent threats to information security and cybersecurity;<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 determines the procedure for prompt exchange of information with the Central Bank about incidents and cybersecurity threats identified in the activities of credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus.<\/span><\/p>\n

The Central Bank may have other powers in accordance with the law.<\/span><\/p>\n

Article 12. Functions of the Central Bank<\/span><\/p>\n

Central bank:<\/span><\/p>\n

develops<\/span> and implements monetary, including foreign exchange policy;<\/span><\/p>\n

monitors<\/span>, analyzes and forecasts the level of inflation in the Republic of Uzbekistan, publishes relevant information materials and statistical data;<\/span><\/p>\n

carries out the formation and publication of banking, monetary and credit statistics, external sector statistics, including the balance of payments, international investment position, external debt and reserve assets of the Republic of Uzbekistan;<\/span><\/p>\n

annually<\/span> submits information to the Government of the Republic of Uzbekistan on economic and financial issues, containing recommendations for the preparation of the draft State Budget;<\/span><\/p>\n

organizes<\/span> cash circulation;<\/span><\/p>\n

carries<\/span> out currency regulation and currency control;<\/span><\/p>\n

regularly establishes the exchange rate for the purposes of accounting, statistical and other reporting on foreign exchange transactions, as well as for calculating customs and other mandatory payments on the territory of the Republic of Uzbekistan;<\/span><\/p>\n

carries<\/span> out state registration of banks and credit bureaus;<\/span><\/p>\n

licenses the activities of banks, payment organizations, payment system operators, currency exchanges and credit bureaus, regulates and supervises the activities of banks, as well as microfinance organizations, pawnshops, mortgage refinancing organizations (hereinafter referred to as non-bank credit organizations), payment organizations, payment system operators , currency exchanges, credit bureaus and banking groups;<\/span><\/p>\n

issues<\/span> permits;<\/span><\/p>\n

accepts notifications about the beginning and termination of activities (actions) carried out in the notification procedure, exercises control over <\/span>notifiers<\/span> carrying out activities (actions) in the notification procedure, makes decisions on the suspension, resumption and termination of activities (actions);<\/span><\/p>\n

carries<\/span> out independently or on behalf of the Government of the Republic of Uzbekistan banking operations and other transactions necessary to perform the functions of a fiscal agent of the government;<\/span><\/p>\n

takes<\/span> measures to ensure the stability of the functioning of payment systems in the Republic of Uzbekistan;<\/span><\/p>\n

monitors and controls compliance by persons subject to the supervision of the Central Bank with the rules of internal control and the procedure for submitting to a specially authorized state <\/span>body information related to combating the laundering of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;<\/span><\/p>\n

is<\/span> a depository of funds of the International Monetary Fund in the currency of the Republic of Uzbekistan, carries out operations and transactions, including those provided for by international treaties of the Republic of Uzbekistan;<\/span><\/p>\n

takes<\/span> measures to ensure the protection of the rights and legitimate interests of consumers of the services of banks and non-bank credit organizations (hereinafter referred to as credit organizations), increasing the accessibility of financial services and the level of financial literacy of the population and business entities;<\/span><\/p>\n

carries<\/span> out management, accounting and storage of international reserves of the Republic of Uzbekistan (hereinafter referred to as international reserves), including reserves of the Government of the Republic of Uzbekistan by agreement;<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0in coordination with the authorized state body in the field of cybersecurity, identifies critical information infrastructure objects of credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus, develops requirements for forming their registry and ensuring cybersecurity;<\/span><\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0conducts, in accordance with the procedure established by the authorized state body in the field of cybersecurity, an examination of information systems and resources, critical information infrastructure objects of credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus for compliance with cybersecurity requirements;<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0conducts audits of information security and cybersecurity of informatization objects of credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus;<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0maintains a rating on the level of information security and cybersecurity in the activities of credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus;<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 issues mandatory instructions to credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus and adopts regulatory documents on preventing and (or) eliminating cybersecurity threats (including thefts related to bank cards).<\/span><\/p>\n

The Central Bank may perform other functions in accordance with the legislation to achieve the goals established by this Law.<\/span><\/p>\n

CHAPTER 3. FINANCIAL SITUATION OF THE CENTRAL BANK<\/span><\/strong><\/p>\n

Article 13. Authorized capital of the Central Bank<\/span><\/p>\n

The authorized capital of the Central Bank is one trillion <\/span>soums<\/span>. The increase in the size of the authorized capital <\/span>is carried out<\/span> by a resolution of the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan.<\/span><\/p>\n

The authorized capital of the Central Bank is not transferable or used as collateral.<\/span><\/p>\n

Article 14. Determination and distribution of profit<\/span><\/p>\n

The profit of the Central Bank for each financial year is determined after the formation of reserves, covering possible losses on bad debts, doubtful debts and other assets, accounting for all income and expenses, as well as the actual valuation of assets and liabilities.<\/span><\/p>\n

Unrealized income and expenses of the Central Bank arising from the revaluation of international reserves <\/span>as a result<\/span> of changes in the exchange rate of foreign currency or the cost of precious metals are included in the revaluation fund for operations with international reserves. This unrealized income <\/span>is not sent<\/span> to the State Budget.<\/span><\/p>\n

The profits of the Central Bank <\/span>are distributed<\/span> in the manner established by its board, simultaneously with the approval of the annual report.<\/span><\/p>\n

By decision of the board of the Central Bank, reserves and special-purpose funds <\/span>can be formed<\/span>.<\/span><\/p>\n

The remainder of the profit after replenishment of reserves and special-purpose funds in the prescribed manner <\/span>is directed<\/span> to the income of the State budget. If the amount of the authorized capital and general reserves is less than ten percent of the monetary obligations of the Central Bank, defined as money in circulation and financial claims to the Central Bank, with the exception of obligations to the Government of the Republic of Uzbekistan and international financial organizations, then no more than fifty percent of profit.<\/span><\/p>\n

It <\/span>is not allowed<\/span> to transfer the remaining profit to the State Budget before consideration of the annual report.<\/span><\/p>\n

Article 15. Annual report of the Central Bank<\/span><\/p>\n

The reporting period of the Central Bank is set from January 1 to December 31 of the calendar year inclusive. The annual report with the attached conclusion of the audit organization no later than May 15 <\/span>is submitted<\/span> for consideration to the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan.<\/span><\/p>\n

The annual report of the Central Bank includes:<\/span><\/p>\n

analysis<\/span> of the state of the economy;<\/span><\/p>\n

report<\/span> on the activities of the Central Bank, including a review of monetary policy and the state of the banking sector.<\/span><\/p>\n

The Central Bank publishes an annual report every year on its official website.<\/span><\/p>\n

Article 16. Internal audit of the activities of the Central Bank<\/span><\/p>\n

Internal audit of the activities of the Central Bank <\/span>is carried out<\/span> by the internal audit service of the Central Bank. The Internal Audit Service is accountable to the Audit Committee in its activities.<\/span><\/p>\n

The Central Bank creates an Audit Committee consisting of three members, including one independent member. The <\/span>powers and regulations of the activities of the Audit Committee, its legal status, as well as the requirements for its members are determined by the board of the Central Bank<\/span>.<\/span><\/p>\n

Members of the Audit Committee are appointed by the Board of the Central Bank<\/span>. The Audit Committee may include members of the board of the Central Bank.<\/span><\/p>\n

The Audit Committee is accountable in its activities to the Board of the Central Bank.<\/span><\/p>\n

Internal audit of the activities of subordinate organizations of the Central Bank <\/span>is carried<\/span> out at least once a year.<\/span><\/p>\n

Article 17. External audit of the activities of the Central Bank<\/span><\/p>\n

External audit of the activities of the Central Bank <\/span>is carried out<\/span> annually by audit organizations in accordance with International Auditing Standards.<\/span><\/p>\n

The information obtained by the external auditor during the audit of the activities of the Central Bank is confidential and is not subject to disclosure without his consent.<\/span><\/p>\n

The requirements for an audit organization conducting an external audit <\/span>are determined<\/span> by the Central Bank.<\/span><\/p>\n

CHAPTER 4. MANAGEMENT OF THE CENTRAL BANK<\/span><\/strong><\/p>\n

Article 18. Board of the Central Bank<\/span><\/p>\n

The supreme body of the Central Bank is the Board of the Central Bank.<\/span><\/p>\n

The Board of the Central Bank determines the main directions of activity of the Central Bank and manages it.<\/span><\/p>\n

Article 19. Composition of the Board of the Central Bank<\/span><\/p>\n

The Board of the Central Bank consists of nine people.<\/span><\/p>\n

The Chairman of the Board of the Central Bank is the Chairman of the Central Bank. The Chairman of the Board of the Central Bank <\/span>is appointed and dismissed by the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan on the proposal of the President of the Republic of Uzbekistan<\/span>.<\/span><\/p>\n

The board of the Central Bank includes the <\/span>chairman<\/span> of the Central Bank, his first deputy and deputies, as well as two independent members of the board.<\/span><\/p>\n

Independent members of the board of the Central Bank <\/span>are approved<\/span> by the <\/span>Kengash<\/span> of the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan on the proposal of the Chairman of the Central Bank.<\/span><\/p>\n

Article 20. Powers of the Board of the Central Bank<\/span><\/p>\n

Board of the Central Bank:<\/span><\/p>\n

determines the main parameters of monetary policy, including the volumes, limits and standards of the Central Bank\u2019s operations to provide and withdraw liquidity, interest rates on the Central Bank\u2019s monetary operations, including the refinancing rate and (or) the key rate, the amount of mandatory reserve requirements ( standards of required reserves, averaging coefficient of required reserves) and a list of types of collateral for issued loans;<\/span><\/p>\n

approves<\/span> the main directions of monetary policy for the coming year;<\/span><\/p>\n

approves<\/span> regulations of the Central Bank;<\/span><\/p>\n

considers<\/span> the issue of participation of the Central Bank in international organizations, as well as the conclusion and accession to international treaties and agreements;<\/span><\/p>\n

determines<\/span> the nominal value, samples and conditions for the withdrawal of banknotes;<\/span><\/p>\n

determines<\/span> the procedure for maintaining accounting, reporting and financial and economic activities of the Central Bank;<\/span><\/p>\n

determines for banks, including systemically important banks, as well as banking groups, microfinance organizations and mortgage refinancing organizations, the procedure for calculating and acceptable values \u200b\u200bof prudential standards;<\/span><\/p>\n

approves<\/span> the rules for conducting financial transactions and maintaining accounting records for credit institutions;<\/span><\/p>\n

approves<\/span> for credit organizations, banking groups and credit bureaus the rules for the preparation and presentation of financial statements, their structure and content;<\/span><\/p>\n

makes<\/span> decisions on the issuance, renewal and revocation of licenses for the right to carry out banking activities;<\/span><\/p>\n

makes<\/span> decisions on the issuance of a license, suspension, termination of a license, re-issuance and cancellation of a license to carry out activities, currency exchanges and credit bureaus;<\/span><\/p>\n

makes<\/span> decisions on the issuance, renewal and revocation of licenses for the right to carry out activities of payment system operators and payment organizations;<\/span><\/p>\n

makes<\/span> a decision on the accounting registration of organizations carrying out the activities of a microfinance organization and mortgage refinancing organizations;<\/span><\/p>\n

approves<\/span> the organizational structure of the Central Bank, the structure of the central apparatus of the Central Bank and the main departments of the Central Bank for the Republic of <\/span>Karakalpakstan<\/span>, regions and the city of Tashkent and their staffing;<\/span><\/p>\n

makes<\/span> decisions on the creation, reorganization and liquidation of subordinate organizations of the Central Bank;<\/span><\/p>\n

approves<\/span> the estimate of expenses and income of the Central Bank;<\/span><\/p>\n

reviews<\/span> annual and financial reports of the Central Bank;<\/span><\/p>\n

approves<\/span> the heads of structural divisions and subordinate organizations of the Central Bank;<\/span><\/p>\n

hears<\/span> reports and reports from the heads of structural divisions of the Central Bank and its subordinate organizations;<\/span><\/p>\n

approves<\/span> the position and composition of the Credit Committee and the Banking Supervision Committee of the Central Bank;<\/span><\/p>\n

hears<\/span> reports and reports of the Credit Committee and the Banking Supervision Committee of the Central Bank;<\/span><\/p>\n

reviews<\/span> and approves the policy on preventing, identifying and managing conflicts of interest in the implementation of the activities of the Central Bank;<\/span><\/p>\n

establishes<\/span> the terms of employment, termination of employment contracts, remuneration of employees of the Central Bank in accordance with the law, as well as the procedure for them to receive loans;<\/span><\/p>\n

makes<\/span> decisions on issues of the banking system in accordance with legal requirements;<\/span><\/p>\n

determines<\/span> the strategy for management, accounting and storage of international reserves;<\/span><\/p>\n

approves<\/span> the minimum requirements for the activities of credit institutions when carrying out relationships with consumers of their services;<\/span><\/p>\n

approves<\/span> requirements for the activities of credit bureaus;<\/span><\/p>\n

considers<\/span> and resolves other issues within the powers of the Central Bank.<\/span><\/p>\n

Article 21. Meetings of the Board of the Central Bank<\/span><\/p>\n

Meetings of the Board of the Central Bank <\/span>are held<\/span> at least once a month.<\/span><\/p>\n

Meetings of the Board of the Central Bank are convened by the Chairman<\/span> of the Central Bank. Meetings <\/span>may also be convened<\/span> at the request of at least three members of the board of the Central Bank.<\/span><\/p>\n

The meetings of the board of the Central Bank <\/span>are chaired<\/span> by the Chairman of the Central Bank, and in his absence – by his first deputy or one of his deputies.<\/span><\/p>\n

A meeting of the board of the Central Bank is valid with the participation of at least two thirds of its members. <\/span>Decisions of the board of the Central Bank are made by a simple majority of votes of the members present<\/span>. In case of equality of votes, the vote of the presiding officer is decisive.<\/span><\/p>\n

Meetings of the board of the Central Bank <\/span>are usually held<\/span> behind closed doors.<\/span><\/p>\n

Plans for open meetings of the board of the Central Bank, including agendas, place and time of meetings, <\/span>are announced<\/span> on the official website of the Central Bank.<\/span><\/p>\n

Meetings of the Board of the Central Bank <\/span>are held<\/span> in accordance with the regulations.<\/span><\/p>\n

The decision of the board of the Central Bank <\/span>is adopted<\/span> in the form of a resolution.<\/span><\/p>\n

Article 22. <\/span>Chairman<\/span> of the Central Bank<\/span><\/p>\n

Chairman<\/span> of the Central Bank:<\/span><\/p>\n

manages the activities of the Central Bank and its board, manages the bank\u2019s funds and is responsible for performing the functions assigned to the Central Bank, and also represents the Central Bank in the territory of the Republic of Uzbekistan and abroad without a power of attorney;<\/span><\/p>\n

manages<\/span> the internal audit service;<\/span><\/p>\n

resolves<\/span> issues related to the activities of the Central Bank, with the exception of those referred by this Law to the powers of the board of the Central Bank;<\/span><\/p>\n

signs<\/span> resolutions of the board of the Central Bank, accepts orders and instructions;<\/span><\/p>\n

carries<\/span> out actions for the operational management of the activities and current operations of the Central Bank;<\/span><\/p>\n

submits<\/span> a report to the President of the Republic of Uzbekistan and the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan;<\/span><\/p>\n

represents the Central Bank in the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan, in the Cabinet of Ministers of the Republic of Uzbekistan, ministries and departments, courts, banks and institutions, international and foreign organizations on all issues of the activities of the Central Bank;<\/span><\/p>\n

entrusts<\/span> the resolution of certain issues to his deputies, heads of structural divisions of the central apparatus, heads of the main departments of the Central Bank for the Republic of <\/span>Karakalpakstan<\/span>, regions and the city of Tashkent;<\/span><\/p>\n

Receives individuals and representatives of legal entities.<\/span><\/p>\n

The term of office of the Chairman of the Central Bank is five years.<\/span><\/p>\n

In the absence of the Chairman of the Central Bank, his duties are performed by the first deputy or one of the deputy <\/span>chairman<\/span>.<\/span><\/p>\n

Article 23. Grounds for dismissal from the position of the Chairman of the Central Bank<\/span><\/p>\n

The Chairman of the Central Bank <\/span>may be dismissed<\/span> from his position on the following grounds:<\/span><\/p>\n

expiration<\/span> of the term of office;<\/span><\/p>\n

application<\/span> for dismissal from position indicating the reasons;<\/span><\/p>\n

entry<\/span> into force of a court’s conviction against him;<\/span><\/p>\n

inability<\/span> to perform their official duties due to health reasons, based on the conclusion of the state medical commission;<\/span><\/p>\n

death<\/span> or declaration of death by a court decision;<\/span><\/p>\n

committing<\/span> actions incompatible with holding a position, including gross violation of this Law and causing significant damage to the interests of the Central Bank.<\/span><\/p>\n

Article 24. Deputy Chairmen of the Central Bank<\/span><\/p>\n

The first deputy and deputy <\/span>chairmen<\/span> of the Central Bank are appointed and dismissed from office by the President of the Republic of Uzbekistan upon the proposal of the chairman of the Central Bank.<\/span><\/p>\n

The first deputy and deputy <\/span>chairmen<\/span> of the Central Bank may be dismissed from their positions on the following grounds:<\/span><\/p>\n

application<\/span> for dismissal from position indicating the reasons;<\/span><\/p>\n

entry<\/span> into force of a court’s conviction against him;<\/span><\/p>\n

inability<\/span> to perform their official duties due to health reasons, based on the conclusion of the state medical commission;<\/span><\/p>\n

death<\/span> or declaration of death by a court decision;<\/span><\/p>\n

committing<\/span> actions incompatible with holding a position, including gross violation of this Law and causing significant damage to the interests of the Central Bank.<\/span><\/p>\n

In order to prevent, identify and manage conflicts of interest when carrying out the functions provided for by this Law, the Chairman of the Central Bank is obliged to ensure the division of powers between his deputies and heads of independent structural divisions, including in the implementation of monetary policy, management of international reserves, and implementation of banking regulation , supervision and control in the field of financial markets.<\/span><\/p>\n

Article 25. Employees of the Central Bank<\/span><\/p>\n

The conditions of employment, termination of employment contracts, remuneration of employees of the Central Bank and other labor relations <\/span>are determined<\/span> by the Central Bank in accordance with the law.<\/span><\/p>\n

Employees of the Central Bank <\/span>are prohibited<\/span> from:<\/span><\/p>\n

engage<\/span> in any other types of paid activities, with the exception of scientific and teaching activities;<\/span><\/p>\n

serve<\/span> on the supervisory boards of banks, economic management bodies and business entities;<\/span><\/p>\n

disclose<\/span> or use for the benefit of third parties information constituting bank secrets, or other information to which access is restricted in accordance with the law, which became known to them in connection with the performance of their official duties.<\/span><\/p>\n

Involving employees of the Central Bank to conduct an audit of the financial and economic activities of business entities, including credit institutions, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, as well as persons subject to consolidated <\/span>supervision ,<\/span> not allowed.<\/span><\/p>\n

The procedure for assessing the qualifications and professional level of employees of the Central Bank <\/span>is determined<\/span> by it independently.<\/span><\/p>\n

CHAPTER 5. MONETARY POLICY OF THE CENTRAL BANK<\/span><\/strong><\/p>\n

Article 26. Development and implementation of monetary policy of the Central Bank<\/span><\/p>\n

The Central Bank develops and implements monetary policy based on the goal of ensuring price stability through the following measures:<\/span><\/p>\n

forming<\/span> forecasts of macroeconomic indicators, including inflation, as well as setting its target indicator;<\/span><\/p>\n

development<\/span> of the main directions of monetary policy for the coming year;<\/span><\/p>\n

determination<\/span> of targets for monetary indicators;<\/span><\/p>\n

establishing<\/span> the refinancing rate and (or) the key rate, as well as interest rates on monetary operations of the Central Bank;<\/span><\/p>\n

establishing<\/span> standards for required reserves of banks in the Central Bank, as well as an averaging coefficient for the amount of required reserves;<\/span><\/p>\n

conducting<\/span> operations to provide and withdraw liquidity in the money market;<\/span><\/p>\n

implementation<\/span> of interventions in the domestic foreign exchange market;<\/span><\/p>\n

implementation<\/span> of the communication policy of the Central Bank.<\/span><\/p>\n

Article 27. Main directions of monetary policy<\/span><\/p>\n

The Central Bank annually, no later than thirty days before the start of the next financial year, develops and informs the President of the Republic of Uzbekistan and the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan about the main directions of monetary policy for the coming year.<\/span><\/p>\n

The main directions of monetary policy include the following information:<\/span><\/p>\n

basic<\/span> principles of the ongoing monetary policy;<\/span><\/p>\n

review<\/span> of economic development over the previous period;<\/span><\/p>\n

economic<\/span> development prospects, forecast of key macroeconomic indicators, including inflation, balance of payments and monetary indicators;<\/span><\/p>\n

inflation<\/span> targets, main parameters and measures taken by monetary policy for the coming year, as well as an analysis of the risks of achieving its goals.<\/span><\/p>\n

The Central Bank publishes on its official website:<\/span><\/p>\n

main<\/span> directions of monetary policy – annually;<\/span><\/p>\n

monetary<\/span> policy reviews – quarterly;<\/span><\/p>\n

main<\/span> monetary indicators, including the dynamics and structure of the money supply, statistical information on the banking system, generalized data on the operations of the Central Bank – monthly.<\/span><\/p>\n

The Central Bank provides the President of the Republic of Uzbekistan with quarterly information on monetary policy and the state of the banking sector.<\/span><\/p>\n

Article 28. Monetary indicator targets<\/span><\/p>\n

Based on inflation targets, the Central Bank can set targets for changes in one or more monetary indicators.<\/span><\/p>\n

Article 29. Interest rates on monetary operations of the Central Bank<\/span><\/p>\n

The central bank may set one or more interest rates for various types of monetary transactions.<\/span><\/p>\n

The Central Bank applies interest rate policy to influence the level of market interest rates as part of its monetary policy.<\/span><\/p>\n

The Central Bank publishes interest rates for monetary transactions on its official website.<\/span><\/p>\n

Article 30. Mandatory reserve requirements<\/span><\/p>\n

As part of the implementation of monetary policy, the Central Bank establishes standards for required reserves deposited by banks with the Central Bank for the obligations they have attracted.<\/span><\/p>\n

The Central Bank approves the amount of mandatory reserve requirements, the structure of banks’ liabilities under which reserves are deposited, the procedure for calculation and reservation, as well as the averaging coefficient of required reserves.<\/span><\/p>\n

Required reserve ratios are the same for all banks.<\/span><\/p>\n

Required reserves are maintained by depositing bank funds in special accounts with the Central Bank and (or) by maintaining an average amount of required reserves in a correspondent account opened with the Central Bank, calculated based on the size of the required reserve averaging coefficient.<\/span><\/p>\n

The required <\/span>reserve averaging<\/span> coefficient is a numerical multiplier whose value ranges from 0 to 1.<\/span><\/p>\n

Changes in minimum reserve requirements standards will come into effect no earlier than a month from the date of such decision.<\/span><\/p>\n

Foreclosure of obligatory reserves deposited by banks in accounts with the Central Bank <\/span>is not permitted<\/span>.<\/span><\/p>\n

Article 31. Operations to provide and withdraw liquidity in the money market<\/span><\/p>\n

The Central Bank carries out operations to provide and withdraw liquidity in the money market in order to influence the level of market interest rates, as well as maintain and regulate the liquidity of the banking system. These operations include:<\/span><\/p>\n

secured<\/span> loans;<\/span><\/p>\n

swap<\/span> operations;<\/span><\/p>\n

open<\/span> market operations;<\/span><\/p>\n

special<\/span> refinancing mechanisms;<\/span><\/p>\n

deposit<\/span> operations;<\/span><\/p>\n

issue<\/span> of bonds of the Central Bank.<\/span><\/p>\n

The operations provided for in part one of this article <\/span>may<\/span> include other instruments determined by the Central Bank taking into account generally accepted international practice.<\/span><\/p>\n

Article 32. Security for loans from the Central Bank<\/span><\/p>\n

Collateral for Central Bank loans can be:<\/span><\/p>\n

currency<\/span> values \u200b\u200bincluded in the category of international reserves of the Central Bank of the Republic of Uzbekistan;<\/span><\/p>\n

government<\/span> securities of the Republic of Uzbekistan;<\/span><\/p>\n

right<\/span> of claim on bank loans;<\/span><\/p>\n

debt<\/span> instruments and other valuables, as well as sureties and bank guarantees, the list of which is determined by the Central Bank, taking into account their liquidity and generally accepted international practice.<\/span><\/p>\n

The Central Bank publishes <\/span>bank lending<\/span> conditions on its official website.<\/span><\/p>\n

Article 33. Emergency liquidity support for commercial banks<\/span><\/p>\n

The Central Bank has the right to provide commercial banks with emergency liquidity support in the form of short-term loans with a maturity of up to three months in order to ensure uninterrupted payments in the event of a temporary liquidity shortage. The interest rate on these loans must be no less than the <\/span>current rates on other loans from the Central Bank, and it must be secured by the bank’s assets<\/span>.<\/span><\/p>\n

In special cases, when a threat <\/span>is created<\/span> to the stability of the country’s financial system, the decision of the board of the Central Bank allows for the provision of a loan with a longer term at a relatively high interest rate.<\/span><\/p>\n

Article 34. Open market operations of the Central Bank<\/span><\/p>\n

In order to influence the level of market interest rates and liquidity in the banking system, the Central Bank may buy and sell on the open market:<\/span><\/p>\n

government<\/span> securities of the Republic of Uzbekistan, as well as debt obligations in the form of bonds issued by the Central Bank itself;<\/span><\/p>\n

other<\/span> securities by decision of the Central Bank.<\/span><\/p>\n

The Central Bank does not have the right to use open market operations to finance the State budget or purchase government securities of the Republic of Uzbekistan during their initial placement.<\/span><\/p>\n

The limit of the Central Bank’s open market operations <\/span>is determined<\/span> by the Central Bank.<\/span><\/p>\n

Article 35. Bonds of the Central Bank<\/span><\/p>\n

The Central Bank issues bonds solely <\/span>for the purpose of<\/span> implementing monetary policy.<\/span><\/p>\n

The procedure and conditions for the issue, placement, circulation and redemption of bonds <\/span>are determined<\/span> by the Central Bank.<\/span><\/p>\n

Article 36. Foreign exchange interventions in the domestic foreign exchange market<\/span><\/p>\n

Foreign exchange interventions of the Central Bank <\/span>are carried out<\/span> through the purchase and sale of foreign currency in the domestic foreign exchange market to influence the aggregate demand and supply of money, as well as smooth out excessive fluctuations in the <\/span>soum<\/span> exchange rate.<\/span><\/p>\n

Article 37. Participation of the Central Bank in the money market<\/span><\/p>\n

The money market is a system for organizing and conducting trading (exchange and over-the-counter) for placing and raising funds in national and foreign currencies.<\/span><\/p>\n

The Central Bank determines the volumes, types and location of its operations in the money market.<\/span><\/p>\n

Article 38. Banking services for clients by the Central Bank<\/span><\/p>\n

The Central Bank, in the manner and under the conditions provided for by law, can carry out banking operations to service the main accounts of state authorities and administration, including the Ministry of Defense, the Ministry of Internal Affairs, the Ministry of Emergency Situations, the State Security Service of the Republic of Uzbekistan, the State Security Service of the President of the Republic of Uzbekistan, the National Guard of the Republic of Uzbekistan, including the accounts of their military units, the Central Securities Depository, as well as organizations subordinate to the Central Bank.<\/span><\/p>\n

CHAPTER 6. MONETARY SYSTEM OF THE REPUBLIC OF UZBEKISTAN AND ORGANIZATION OF MONEY CIRCULATION<\/span><\/strong><\/p>\n

Article 39. Monetary system of the Republic of Uzbekistan<\/span><\/p>\n

The monetary system of the Republic of Uzbekistan includes the monetary unit of the Republic of Uzbekistan, the organization and regulation of monetary circulation.<\/span><\/p>\n

The monetary unit of the Republic of Uzbekistan is the <\/span>soum<\/span>. One sum consists of one hundred <\/span>tiyins<\/span>.<\/span><\/p>\n

The sum is the only unlimited legal tender in the Republic of Uzbekistan.<\/span><\/p>\n

The denominations of banknotes of the Republic of Uzbekistan <\/span>are determined<\/span> by the Central Bank.<\/span><\/p>\n

The graphic designation of the sum in the form of a symbol <\/span>is approved<\/span> by the Central Bank.<\/span><\/p>\n

The Central Bank organizes cash circulation on the territory of the Republic of Uzbekistan.<\/span><\/p>\n

The ratio between the sum and gold or other precious metals is not established.<\/span><\/p>\n

Article 40. Issue of banknotes into circulation<\/span><\/p>\n

The Central Bank has the exclusive right to issue banknotes for circulation as legal tender on the territory of the Republic of Uzbekistan. Banknotes <\/span>are issued<\/span> in the form of banknotes and coins, including precious metals.<\/span><\/p>\n

Banknotes in circulation are unconditional obligations of the Central Bank and <\/span>are backed<\/span> by all its assets.<\/span><\/p>\n

Samples of banknotes, as well as their design, <\/span>are approved<\/span> by the Central Bank in agreement with the <\/span>Kengash<\/span> of the Senate of the <\/span>Oliy<\/span> Majlis<\/span> of the Republic of Uzbekistan. The design of banknotes is the property of the Central Bank. Messages about the release of new banknotes into <\/span>circulation, as well as their descriptions, <\/span>are published<\/span> by the Central Bank in the media. The Central Bank and banks exchange one denomination of banknotes for others upon request without charging any fees or commissions.<\/span><\/p>\n

Requirements for security elements of banknotes <\/span>are established<\/span> by the Central Bank.<\/span><\/p>\n

The Central Bank of the Republic of Uzbekistan has the right to issue anniversary and commemorative banknotes, including those made of precious metals.<\/span><\/p>\n

The sale of banknotes for the purposes of numismatics and collecting <\/span>can be carried out<\/span> in the manner established by the Central Bank.<\/span><\/p>\n

The Central Bank does not reimburse destroyed, lost, counterfeit, forged or invalidated banknotes.<\/span><\/p>\n

Counterfeiting and illegal production of banknotes entail liability in accordance with the law.<\/span><\/p>\n

Article 41. Production and storage of banknotes<\/span><\/p>\n

The Central Bank ensures the production of banknotes, storage of unissued banknotes, storage and destruction of printing forms and inks, establishes rules for the storage, transportation and collection of cash, as well as their destruction.<\/span><\/p>\n

Article 42. Requirements for the use of banknotes in circulation<\/span><\/p>\n

Banknotes issued for circulation by the Central Bank <\/span>are required to be accepted<\/span> throughout the territory of the Republic of Uzbekistan at their nominal value for all types of payments, as well as for crediting to accounts, deposits and transfers.<\/span><\/p>\n

Article 43. Damaged banknotes<\/span><\/p>\n

The Central Bank establishes and publishes the procedure for determining the suitability for circulation and replacing damaged banknotes.<\/span><\/p>\n

Banks without restrictions replace damaged banknotes in accordance with the rules established by the Central Bank.<\/span><\/p>\n

Article 44. Withdrawal of banknotes from circulation<\/span><\/p>\n

The Central Bank has the right to withdraw from circulation on the territory of the Republic of Uzbekistan any banknotes of the Republic of Uzbekistan. The basis for this is the published resolution of the board of the Central Bank indicating the procedure and time period for the exchange.<\/span><\/p>\n

After the expiration of the period established by the Central Bank for exchange, banknotes cease to be legal tender.<\/span><\/p>\n

Article 45. Making payments<\/span><\/p>\n

Payments on the territory of the Republic of Uzbekistan <\/span>are made<\/span> in the form of cash or non-cash payments.<\/span><\/p>\n

Non-cash payments on the territory of the Republic of Uzbekistan <\/span>are carried out<\/span> through banks.<\/span><\/p>\n

Article 46. Ensuring the functioning of payment systems<\/span><\/p>\n

In order to ensure the functioning of the payment system, the Central Bank:<\/span><\/p>\n

determines<\/span> and implements the payment system strategy;<\/span><\/p>\n

within<\/span> the limits of its powers, develops and approves regulations governing the activities of payment organizations and payment system operators;<\/span><\/p>\n

establishes<\/span> requirements for the protection of consumer rights in the payment services market;<\/span><\/p>\n

carries<\/span> out regulation and supervision of the activities of payment organizations and payment system operators.<\/span><\/p>\n

The Central Bank has the right to assist banks and payment organizations, payment system operators in organizing settlement and clearing services for payments, including payments using bank cards and other payment instruments, determine the procedure for carrying out such operations and give appropriate instructions.<\/span><\/p>\n

CHAPTER 7. FOREIGN EXCHANGE REGULATION AND EXCHANGE CONTROL, AS WELL AS MANAGEMENT OF INTERNATIONAL RESERVES<\/span><\/strong><\/p>\n

Article 47. Currency regulation and currency control<\/span><\/p>\n

The Central Bank is the body of state currency regulation and currency control.<\/span><\/p>\n

The Central Bank, within its powers:<\/span><\/p>\n

develops<\/span> and adopts regulations on currency regulation;<\/span><\/p>\n

carries<\/span> out regulation and control over the activities of banks to ensure their compliance with the legislation on currency regulation;<\/span><\/p>\n

carries<\/span> out licensing and regulation of the activities of currency exchanges;<\/span><\/p>\n

establishes<\/span> limits on open currency positions and other prudential standards for banks;<\/span><\/p>\n

establishes<\/span> the procedure for opening accounts in foreign currency;<\/span><\/p>\n

establishes<\/span> the procedure for determining the exchange rate.<\/span><\/p>\n

Article 48. International clearing and payment agreements<\/span><\/p>\n

The Central Bank has the right to conclude, on its own behalf or on behalf of the Government of the Republic of Uzbekistan on behalf of the Republic of Uzbekistan, clearing and payment agreements, as well as any agreements with clearing institutions located outside the Republic of Uzbekistan.<\/span><\/p>\n

Article 49. International reserves<\/span><\/p>\n

International reserves consist of the corresponding assets of the Central Bank and the Government of the Republic of Uzbekistan.<\/span><\/p>\n

The Central Bank forms international reserves on its balance sheet accounts, including:<\/span><\/p>\n

monetary<\/span> gold;<\/span><\/p>\n

special<\/span> drawing rights and reserve position in the International Monetary Fund;<\/span><\/p>\n

foreign<\/span> currency;<\/span><\/p>\n

securities<\/span> issued or guaranteed by foreign governments, international financial organizations;<\/span><\/p>\n

other<\/span> assets included in international reserves according to international standards.<\/span><\/p>\n

The list of countries and international financial organizations whose liabilities are included in international reserves <\/span>is determined<\/span> by the Central Bank.<\/span><\/p>\n

International reserves <\/span>are maintained<\/span> at a level sufficient to implement the monetary policy of the Central Bank, as well as ensure settlements for international transactions.<\/span><\/p>\n

Article 50. Transactions in foreign currency<\/span><\/p>\n

The Central Bank has the right to carry out transactions in foreign currency on the territory of the Republic of Uzbekistan and abroad in accordance with the legislation on <\/span>currency<\/span> regulation and taking into account generally accepted international practice.<\/span><\/p>\n

CHAPTER 8. RELATIONS OF THE CENTRAL BANK WITH THE GOVERNMENT OF THE REPUBLIC OF UZBEKISTAN<\/span><\/strong><\/p>\n

Article 51. Interaction of the Central Bank with the Government of the Republic of Uzbekistan<\/span><\/p>\n

The Central Bank and the Government of the Republic of Uzbekistan interact in the field of monetary and fiscal policy.<\/span><\/p>\n

The Central Bank and the Government of the Republic of Uzbekistan are obliged to inform each other about proposed actions and achieved results that are important for the economic policy of the Government of the Republic of Uzbekistan, and conduct regular consultations.<\/span><\/p>\n

In its activities, the Central Bank promotes the implementation of the economic policy of the Government of the Republic of Uzbekistan without prejudice to its main goals.<\/span><\/p>\n

The Central Bank and the Government of the Republic of Uzbekistan interact on issues of ensuring the stability of the financial system through a joint assessment of risk factors for financial stability, development, adoption and implementation of a set of agreed decisions in order to prevent the occurrence of a systemic financial crisis and minimize its consequences.<\/span><\/p>\n

Article 52. Consultations in matters of public sector borrowing<\/span><\/p>\n

The Government of the Republic of Uzbekistan is consulting with the Central Bank on borrowing from domestic and external lending sources in the coming fiscal year, including the amounts to be repaid under such borrowing and the proposed terms and conditions of the loans. The Ministry of Finance of the Republic of Uzbekistan informs the Central Bank about all loans and credits received by the Republic of Uzbekistan and its government bodies.<\/span><\/p>\n

Article 53. Functions of the depositary<\/span><\/p>\n

The Central Bank may accept deposits of funds and currency values \u200b\u200bof the Government of the Republic of Uzbekistan, as well as other government bodies. As a depository, the Central Bank receives and issues funds and keeps records of them. The central bank may pay interest on said deposits.<\/span><\/p>\n

Article 54. Functions of the fiscal agent of the Government of the Republic of Uzbekistan<\/span><\/p>\n

The Central Bank, acting on the terms agreed with the Ministry of Finance of the Republic of Uzbekistan, may act as a fiscal agent of the Government of the Republic of Uzbekistan and government bodies when:<\/span><\/p>\n

placement of debt obligations (securities) issued by the Ministry of Finance of the Republic of Uzbekistan and other government bodies, registration of placement;<\/span><\/p>\n

payment<\/span> of cost, interest and other payments on debt obligations (securities);<\/span><\/p>\n

maintaining<\/span> accounts for debt obligations (securities) and executing payment transactions on them;<\/span><\/p>\n

carrying<\/span> out other transactions on debt obligations (securities).<\/span><\/p>\n

The Central Bank advises the Ministry of Finance of the Republic of Uzbekistan on the schedule and volume of issue of government securities and repayment of government debt, taking into account their impact on the liquidity of the banking system and monetary policy priorities.<\/span><\/p>\n

Article 55. Exchange of information<\/span><\/p>\n

The Government of the Republic of Uzbekistan and the Central Bank, in order to fulfill the tasks assigned to them, constantly exchange relevant statistical information.<\/span><\/p>\n

The government, state authorities and management bodies of the Republic of Uzbekistan provide the Central Bank with economic information necessary to perform its functions.<\/span><\/p>\n

CHAPTER 9. RELATIONS BETWEEN THE CENTRAL BANK AND CREDIT INSTITUTIONS<\/span><\/strong><\/p>\n

Article 56. Liability for obligations<\/span><\/p>\n

The Central Bank and credit organizations are not liable for each other\u2019s obligations.<\/span><\/p>\n

Article 57. Bank accounts with the Central Bank<\/span><\/p>\n

The Central Bank has the right to maintain bank accounts and accept deposits from them.<\/span><\/p>\n

Article 58. Powers of the Central Bank in the collection, processing, storage and dissemination of statistical data<\/span><\/p>\n

The Central Bank creates and maintains an information network for the needs of the banking system and the exchange of statistical data with the relevant government authorities.<\/span><\/p>\n

The Central Bank, within its powers, coordinates with the relevant government bodies the rules for the collection, processing, storage and dissemination of statistical data.<\/span><\/p>\n

To exercise its powers, the Central Bank has the right to request and receive information (including confidential information) from relevant government bodies or directly from business entities in the manner prescribed by law.<\/span><\/p>\n

Article 59. Preemptive right of the Central Bank<\/span><\/p>\n

The Central Bank <\/span>is assigned<\/span> a pre-emptive right to satisfy its requirements established by law, at the expense of the balances in the accounts of the debtor and its other assets with the Central Bank.<\/span><\/p>\n

The central bank may exercise its preemptive right by withholding account balances or selling other assets at a reasonable price and retaining the proceeds to the extent of the payment due to it after deducting the costs of sale.<\/span><\/p>\n

CHAPTER 10. REGULATION AND SUPERVISION OF THE ACTIVITIES OF CREDIT INSTITUTIONS, PAYMENT ORGANIZATIONS, PAYMENT SYSTEM OPERATORS, CURRENCY EXCHANGES, CREDIT BUREAUS AND BANKING GROUPS, AS WELL AS THE PRODUCTION OF FORMS OF SECURITIES<\/span><\/strong><\/p>\n

Article 60. Regulatory functions of the Central Bank<\/span><\/p>\n

To carry out regulatory functions, the Central Bank establishes:<\/span><\/p>\n

procedure<\/span> and conditions for state registration of banks and credit bureaus;<\/span><\/p>\n

the<\/span> procedure for licensing activities that require licenses issued by the Central Bank;<\/span><\/p>\n

procedure<\/span> for passing permitting procedures;<\/span><\/p>\n

procedure<\/span> for completing notification procedures;<\/span><\/p>\n

additional<\/span> requirements for foreign founders (shareholders) when they create a bank or participate in the authorized capital of a bank;<\/span><\/p>\n

the<\/span> procedure for opening, accreditation, implementation and termination of activities of representative offices of foreign banks on the territory of the Republic of Uzbekistan;<\/span><\/p>\n

criteria<\/span> for the sufficiency of management and financial position of banks for opening a subsidiary bank and creating a branch abroad;<\/span><\/p>\n

the<\/span> minimum size of the authorized capital (authorized capital) of payment organizations and payment system operators;<\/span><\/p>\n

restrictions<\/span> on transactions with related parties of banks, including on the provision of loans to them;<\/span><\/p>\n

minimum<\/span> requirements for information security of credit institutions, payment organizations, payment system operators, currency exchanges and credit bureaus;<\/span><\/p>\n

requirements for premises, ensuring their protection, equipment, organizational and technical means and software of credit institutions, payment organizations, payment system operators, currency exchanges and credit bureaus;<\/span><\/p>\n

the<\/span> procedure for terminating the activities and liquidation of banks, including in a voluntary form;<\/span><\/p>\n

features<\/span> of conducting audits of banks;<\/span><\/p>\n

methodology<\/span> for identifying systemically important banks;<\/span><\/p>\n

methodology<\/span> for identifying factors influencing the deterioration of the financial position of banks and banking groups;<\/span><\/p>\n

a<\/span> special legal regime (\u201cregulatory sandbox\u201d) for the testing by legal entities of new financial transactions, technologies and services in a limited controlled environment (coverage area, testing period, number and (or) volume of transactions and services, number of consumers, etc.);<\/span><\/p>\n

the<\/span> procedure for microfinance organizations to perform the functions of a paying agent (subagent) or agent of banks, insurance and other financial organizations;<\/span><\/p>\n

the<\/span> procedure for providing Islamic finance services by microfinance organizations;<\/span><\/p>\n

other<\/span> requirements based on the functions and powers assigned to the Central Bank.<\/span><\/p>\n

Information on issued licenses is subject to publication on the official website of the Central Bank and must be available for review.<\/span><\/p>\n

The Central Bank maintains state registers of banks and credit bureaus, registers of licenses issued to banks, payment organizations, payment system operators, currency exchanges, credit bureaus, a register of organizations operating microfinance organizations, a register of mortgage refinancing organizations, a register of pawnshops, as well as registers of documents permits and notifications.<\/span><\/p>\n

Article 61. Supervisory functions of the Central Bank<\/span><\/p>\n

To carry out supervisory functions, the Central Bank establishes:<\/span><\/p>\n

mandatory rules for credit institutions for conducting financial transactions, maintaining accounting records, drawing up and submitting financial and supervisory reporting, including annual reporting, presenting information necessary for risk assessment and supervision of their activities;<\/span><\/p>\n

rules<\/span> for carrying out activities and operations that are mandatory for payment organizations, payment system operators, currency exchanges and credit bureaus;<\/span><\/p>\n

the<\/span> procedure for banks to obtain the consent of the Central Bank for the distribution of profits in cases provided for by the Law of the Republic of Uzbekistan \u201cOn Banks and Banking Activities\u201d;<\/span><\/p>\n

the<\/span> procedure for determining boundaries (perimeter) and consolidation methods;<\/span><\/p>\n

the procedure for the preparation and submission by the main bank of a banking group to the Central Bank of consolidated statements and information necessary for supervision of the activities of the banking group;<\/span><\/p>\n

the procedure for the submission by members of the banking group to the main bank of the banking group of information on their activities necessary for the preparation of consolidated statements on the activities of the banking group;<\/span><\/p>\n

requirements for internal control and risk management systems of banks and banking groups, as well as corporate governance in banks, including the independence of members of supervisory boards of banks;<\/span><\/p>\n

requirements for internal control to combat money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction of credit institutions, payment organizations, payment system operators and banking groups;<\/span><\/p>\n

requirements<\/span> for content and updating, the procedure for submitting and evaluating plans for restoring the financial position of banks and banking groups;<\/span><\/p>\n

the procedure for calculating and acceptable values \u200b\u200bof prudential standards for banks, including for systemically important banks, as well as banking groups, microfinance organizations and mortgage refinancing organizations;<\/span><\/p>\n

additional<\/span> allowances to the values \u200b\u200bof liquidity ratios and capital adequacy ratios of banks, systemically important banks and banking groups;<\/span><\/p>\n

the procedure for determining the basic level of remuneration values, including any interest and non-interest payments paid to individual depositors, income in kind, as well as the maximum level of deviation of remuneration values \u200b\u200bunder bank deposit agreements from their basic level;<\/span><\/p>\n

procedure<\/span> for temporary management in banks;<\/span><\/p>\n

the procedure for conducting the assessment, criteria for compliance with qualification requirements, as well as the procedure for approving members of the supervisory board, board and key personnel of banks.<\/span><\/p>\n

To carry out supervisory functions, the Central Bank has the right to:<\/span><\/p>\n

request and check statements, as well as other documents, demand clarification of information received from credit institutions, related persons, payment organizations, payment system operators, currency exchanges, credit bureaus, as well as banking groups, persons providing services and operations transferred banks for outsourcing, and associations (unions) of credit institutions;<\/span><\/p>\n

carry out inspections (checks) of credit institutions, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, as well as persons subject to consolidated supervision;<\/span><\/p>\n

establish<\/span> requirements for internal audit of banks, microfinance organizations, mortgage refinancing organizations and credit bureaus;<\/span><\/p>\n

establish<\/span> maximum interest rates and payments on consumer loans and microloans provided by banks and microfinance organizations, as well as microloans issued by pawnshops;<\/span><\/p>\n

establish<\/span> the amount of additional deductions to the calendar contribution quarterly transferred by banks to the Fund for Guaranteeing Citizens’ Deposits in Banks;<\/span><\/p>\n

determine<\/span> the conditions and procedure for writing off bad assets;<\/span><\/p>\n

establish<\/span> reporting forms for credit organizations and credit bureaus and methods for their preparation, frequency and deadlines for submission;<\/span><\/p>\n

require<\/span> the bank to submit consolidated statements;<\/span><\/p>\n

send a requirement to banks and main banks of banking groups to develop and submit recovery plans that include measures to restore the financial situation in the event of a deterioration;<\/span><\/p>\n

send to credit organizations, payment organizations, payment system operators, currency exchanges and credit bureaus mandatory instructions to eliminate violations identified in their activities, including eliminating the causes leading to violations of the rights of consumers of credit institutions’ services;<\/span><\/p>\n

request<\/span> and receive information about the financial position and business reputation of direct and indirect owners of bank shares, including ultimate beneficial owners;<\/span><\/p>\n

impose<\/span> qualification requirements on managers and chief accountants of payment organizations, payment system operators, currency exchanges and credit bureaus, as well as determine the specifics of the appointment and dismissal of these persons.<\/span><\/p>\n

Article 62. Measures to protect the rights of consumers of services of credit institutions<\/span><\/p>\n

To perform the functions of protecting the rights of consumers of credit institutions\u2019 services, the Central Bank takes the following measures:<\/span><\/p>\n

establishes<\/span> the procedure for disclosing information about services provided by credit institutions;<\/span><\/p>\n

identifies<\/span> systemic shortcomings in the activities of credit institutions that lead to violations of the rights of consumers of their services, and also takes measures to prevent them;<\/span><\/p>\n

applies<\/span> measures and sanctions against credit institutions that have committed violations of the rights of consumers of their services;<\/span><\/p>\n

advises<\/span> and provides assistance in restoring the violated rights of consumers of credit institutions’ services;<\/span><\/p>\n

takes<\/span> measures to increase the accessibility of financial services and the level of financial literacy of the population and business entities.<\/span><\/p>\n

The Central Bank determines and publishes financial inclusion indicators on its official website, taking into account international experience and the specifics of the financial market of the Republic of Uzbekistan.<\/span><\/p>\n

The Central Bank is creating a service to protect the rights and legitimate interests of consumers of credit institutions’ services.<\/span><\/p>\n

The Central Bank has the right to conduct a control event, during which employees of the Central Bank carry out actions to complete a transaction or operations within the framework of the activities of a credit organization, in order to verify the credit organization\u2019s compliance with the requirements for its activities when carrying out relationships with consumers of banking services.<\/span><\/p>\n

The control event <\/span>is carried out<\/span> without prior notification to the credit institution.<\/span><\/p>\n

Article 63. Application of motivated judgment by the Central Bank<\/span><\/p>\n

A motivated judgment is a professional assessment applied by the Central Bank, in addition to the requirements established by law, which assumes priority of factual or economic content over the formal content of the issue under consideration.<\/span><\/p>\n

Decision-making based on reasoned judgment is within the competence of the Banking Supervision Committee of the Central Bank.<\/span><\/p>\n

The Central Bank has the right to use a reasoned judgment <\/span>to<\/span>:<\/span><\/p>\n

assessment<\/span> of the financial position and business reputation of direct and indirect founders and owners of bank shares, including ultimate beneficial owners, when issuing (refusing to issue) preliminary permission to create a bank, permitting documents, as well as when the Central Bank exercises regulatory and supervisory functions;<\/span><\/p>\n

identification<\/span> of persons acting jointly in relation to a credit institution;<\/span><\/p>\n

identifying<\/span> persons associated with the credit institution and establishing the facts of transactions carried out by the credit institution on more favorable terms;<\/span><\/p>\n

assessing<\/span> the quality of the risk management and internal control system in a credit institution for the presence and implementation of effective internal policies;<\/span><\/p>\n

assessment<\/span> of assets and liabilities, including for their compliance with the regulations of the Central Bank on risk management in a credit institution.<\/span><\/p>\n

The reasoned judgment <\/span>is based<\/span> on information received as part of the Central Bank’s supervision of the activities of credit institutions and banking groups, other information received from individuals and legal entities, international organizations, government bodies, including foreign supervisory authorities and organizations, other available sources and which is essential for the formation of a motivated judgment.<\/span><\/p>\n

The procedure for the formation and use of a motivated judgment <\/span>is determined<\/span> by the Central Bank and is based on the principles of legality, validity, objectivity and a uniform approach.<\/span><\/p>\n

Article 64. Implementation of regulatory and supervisory functions of the Central Bank<\/span><\/p>\n

The <\/span>regulatory and supervisory functions of the Central Bank are carried out by the Banking Supervision Committee<\/span> of the Central Bank.<\/span><\/p>\n

The tasks, powers and functions of the Banking Supervision Committee of the Central Bank <\/span>are established<\/span> by the Central Bank.<\/span><\/p>\n

Inspection (verification) of the activities of credit institutions, payment organizations, payment system operators, currency exchanges, credit bureaus, persons providing services and operations outsourced by banks, as well as persons subject to consolidated supervision, is carried out by authorized employees of the Central Bank and auditors determined Central Bank.<\/span><\/p>\n

The Central Bank has the right to demand, when conducting an internal audit of a bank, that auditors comply with the regulations of the Central Bank, including procedures and methodologies, <\/span>and also<\/span> to receive directly from auditors information related to the audit of the bank.<\/span><\/p>\n

The Central Bank, together with a specially authorized government body, approves the rules of internal control to combat the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, mandatory for credit institutions, payment organizations and payment system operators.<\/span><\/p>\n

Article 65. Issuance of permitting documents<\/span><\/p>\n

The Central Bank issues permitting documents for the commission and (or) implementation of the following actions and (or) activities:<\/span><\/p>\n

acquisition<\/span>, directly or indirectly by persons or a group of persons acting jointly, of a share in the authorized capital of a bank, which, as a result of one or more transactions, will amount to:<\/span><\/p>\n

1) <\/span>five<\/span> or more percent, but not more than twenty percent;<\/span><\/p>\n

2) <\/span>twenty<\/span> or more percent, but not more than fifty percent;<\/span><\/p>\n

3) fifty percent or more;<\/span><\/p>\n

receipt<\/span> of bank shares in the amounts provided for in paragraph two of this part, under circumstances beyond the control of the recipient;<\/span><\/p>\n

acquisition<\/span> by a bank of shares of another bank;<\/span><\/p>\n

acquisition<\/span> by banks of their own shares;<\/span><\/p>\n

opening<\/span> of subsidiary banks and representative offices by banks outside the Republic of Uzbekistan, creation of branches, participation in the capital of banks, including the creation of foreign banks;<\/span><\/p>\n

export<\/span> by banks outside the Republic of Uzbekistan of cash foreign and (or) national currency;<\/span><\/p>\n

transfer<\/span> by the bank of certain types of services and operations to outsourcing;<\/span><\/p>\n

bank<\/span> reorganization;<\/span><\/p>\n

voluntary<\/span> liquidation of the bank;<\/span><\/p>\n

carrying<\/span> out activities related to refinancing mortgage loans;<\/span><\/p>\n

carrying<\/span> out the activities of a microfinance organization;<\/span><\/p>\n

acquisition directly or indirectly by individuals and legal entities, including those acting jointly, respectively, with close relatives and related persons, as well as non-residents, of a share in the authorized capital (authorized capital) of a non-bank credit organization, which as a result of one or more transactions will amount to ten and more than percent;<\/span><\/p>\n

receiving a share in the authorized capital (authorized capital) of a non-bank credit organization in the amount provided for in paragraph sixteen of this part, under circumstances beyond the control of the recipient.<\/span><\/p>\n

Article 65<\/span>1<\/sup><\/span>. Activities (actions) carried out in accordance with the notification procedure<\/span><\/p>\n

To carry out the following types of activities (actions), it is required to notify the Central Bank:<\/span><\/p>\n

start<\/span> or termination of pawnshop activities;<\/span><\/p>\n

import<\/span> of cash foreign and (or) national currency into the Republic of Uzbekistan;<\/span><\/p>\n

opening<\/span> or closing a bank branch or banking services office;<\/span><\/p>\n

reorganization<\/span> of a payment organization (merger, accession, division, separation, transformation);<\/span><\/p>\n

the<\/span> commencement or termination of the electronic money issuing activities of the electronic money issuer;<\/span><\/p>\n

opening<\/span> or closing a branch of a microfinance organization;<\/span><\/p>\n

opening<\/span> or closing a pawnshop branch.<\/span><\/p>\n

It <\/span>is prohibited<\/span> to engage in the types of activities (actions) specified in part one of this article without notifying the Central Bank.<\/span><\/p>\n

Article 66. Inspection (verification) of persons subject to supervision of the Central Bank<\/span><\/p>\n

The Central Bank, based on the results of risk assessments, conducts inspections, <\/span>and also,<\/span> at the request of law enforcement agencies, requests from individuals and legal entities about facts of violations of the law, can conduct inspections of credit institutions, payment organizations, payment system operators, currency exchanges, credit bureaus, persons, on certain issues. <\/span>providing<\/span> services and operations outsourced by banks, as well as persons subject to consolidated supervision.<\/span><\/p>\n

The procedure for carrying out inspections (verification) of persons specified in part one of this article <\/span>is determined<\/span> by the Central Bank independently. Inspection (verification) <\/span>is carried out<\/span> without the consent and notification of government bodies and other organizations.<\/span><\/p>\n

The Banking Supervision Committee of the Central Bank determines the direction of the inspected (audited) sphere of activity of persons subject to supervision of the Central Bank, based on the functions of the structural divisions of the Central Bank.<\/span><\/p>\n

The application of measures and sanctions to persons subject to the supervision of the Central Bank for obstructing their performance of supervisory functions does not exempt these persons from conducting inspections (checks).<\/span><\/p>\n

The <\/span>powers of the divisions of the Central Bank carrying out inspection and verification, the distribution of their responsibilities is determined by the Banking Supervision Committee of the Central Bank<\/span>.<\/span><\/p>\n

To carry out inspections (checks), employees from organizations subordinate to the Central Bank, as well as banks and other specialized organizations may be involved.<\/span><\/p>\n

Article 67. Measures and sanctions applied by the Central Bank<\/span><\/p>\n

The Central Bank has the right to apply measures and sanctions to banks, direct and indirect shareholders, including ultimate beneficial owners, members of the supervisory board and board, as well as key personnel of banks, in accordance with the legislation on banks and banking activities.<\/span><\/p>\n

In the event of non-bank credit institutions violating legal requirements, including established prudential standards, or submitting false or unreliable information to the Central Bank about compliance with the requirements and conditions <\/span>established for carrying out activities (actions) in the notification procedure, the Central Bank has the right to<\/span>:<\/span><\/p>\n

send<\/span> the violator mandatory instructions to eliminate violations identified in their activities;<\/span><\/p>\n

collect<\/span> a fine of up to five percent of their net worth;<\/span><\/p>\n

limit<\/span> certain operations for up to three months;<\/span><\/p>\n

exclude information about a non-bank credit organization from the register of organizations operating as a microfinance organization, or the register of organizations for mortgage refinancing, or the register of pawnshops;<\/span><\/p>\n

suspend<\/span> or terminate activities carried out by notification.<\/span><\/p>\n

If credit institutions, payment organizations, and payment system operators <\/span>are found<\/span> to have violated the legislation on combating money laundering, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction, the Central Bank has the right to apply measures and sanctions against them in accordance with the law.<\/span><\/p>\n

The procedure for applying measures and sanctions to credit institutions, payment organizations, payment system operators, currency exchanges and credit bureaus <\/span>is determined<\/span> by the Central Bank.<\/span><\/p>\n

The Central Bank has the right to apply several measures and (or) sanctions for the same violation simultaneously or sequentially.<\/span><\/p>\n

Article 67<\/span>1<\/sup><\/span>. Special legal regime in the field of financial services (\u201cregulatory sandbox\u201d)<\/span><\/p>\n

A special legal regime in the field of financial services (\u201cregulatory sandbox\u201d) is a special regulation of the activities of legal entities to test new financial transactions, technologies and services in a limited controlled environment (coverage area, testing period, number and (or) volume of transactions and services, quantity consumers and others).<\/span><\/p>\n

The procedure for introducing and canceling a special legal regime and carrying out activities within the framework of this regime <\/span>is established<\/span> by the Central Bank.<\/span><\/p>\n

A special legal regime <\/span>is introduced<\/span> by the Central Bank by approving a temporary order of a special legal regime, which provides for:<\/span><\/p>\n

the<\/span> duration of the special legal regime, which cannot exceed three years;<\/span><\/p>\n

norms<\/span> of legislative acts that do not apply to participants in a special legal regime;<\/span><\/p>\n

procedures<\/span> and criteria for assessing the effectiveness and efficiency of the introduction of a special legal regime, including target indicators;<\/span><\/p>\n

other<\/span> information necessary for the introduction and application of a special legal regime.<\/span><\/p>\n

After the end of the special legal regime, an analysis <\/span>is carried out<\/span> to determine the feasibility of introducing new financial transactions, technologies and services tested under the special legal regime.<\/span><\/p>\n

If it is recognized that it is advisable to introduce new financial transactions, technologies and services tested within the framework of a special legal regime, the Central Bank prepares proposals for introducing amendments and additions to legislative acts on the introduction of new financial transactions, technologies and services tested within the special legal regime without limiting them actions.<\/span><\/p>\n

CHAPTER 11. FINAL PROVISIONS<\/span><\/strong><\/p>\n

Article 68. International cooperation<\/span><\/p>\n

The Central Bank maintains cooperation and exchanges information with international organizations, central banks and other banking supervisory and monetary policy authorities of foreign countries.<\/span><\/p>\n

The Central Bank has the right to enter into cooperation agreements with national and foreign authorities for the implementation of supervisory functions, including the exchange of confidential information.<\/span><\/p>\n

The Central Bank has the right to disclose information received from a foreign state with the consent of the person who provided it and for the purposes to which the relevant person has given consent.<\/span><\/p>\n

Article 69. Communication policy of the Central Bank<\/span><\/p>\n

The Central Bank develops and implements a communication policy in order to increase the effectiveness of monetary policy and measures to ensure the stability of the banking system by bringing to the attention of the public the goals and essence of the Central Bank’s policies.<\/span><\/p>\n

The communication policy of the Central Bank <\/span>is carried out<\/span> through the publication of analytical materials, reviews, statistical data, interviews, speeches, as well as the organization of press briefings and other methods, taking into account generally accepted international practice.<\/span><\/p>\n

To ensure transparency of the banking system, the Central Bank publishes and regularly updates the following information on its official website:<\/span><\/p>\n

texts<\/span> of laws and other regulations adopted in the field of supervision and regulation of banks, and recommendations for their application;<\/span><\/p>\n

general criteria and methodologies used in reviewing the systems, strategies, procedures and mechanisms used by banks to comply with the requirements of banking and banking legislation and assessing the risks to which banks are or may be exposed;<\/span><\/p>\n

list<\/span> of bank managers;<\/span><\/p>\n

data contained in bank reports, with the exception of information constituting bank secrecy or other secret protected by law;<\/span><\/p>\n

measures<\/span> taken and sanctions.<\/span><\/p>\n

Article 69<\/span>1<\/sup><\/span>. Interaction of the Central Bank with government bodies and organizations within the framework of licensing, permitting and notification procedures<\/span><\/p>\n

The Central Bank has the right to request from government bodies and organizations information necessary for making decisions within the framework of licensing, permitting and notification procedures.<\/span><\/p>\n

State bodies and organizations must provide the information requested by the Central Bank necessary to make the appropriate decision.<\/span><\/p>\n

Article 70. Legal protection of employees of the Central Bank in the performance of duties<\/span><\/p>\n

The Central Bank, its employees, external experts and temporary managers, as well as other persons performing supervisory duties determined by this Law, including after termination of their powers or completion of work at the Central Bank, are responsible only for actions (inaction) committed dishonestly in the performance of their duties.<\/span><\/p>\n

The Central Bank pays the costs of representing the interests of the persons specified in part one of this article in judicial and administrative proceedings initiated in connection with the duties performed by these persons in accordance with this Law, including in cases of termination of their powers or termination of work in the Central Bank. <\/span>jar<\/span>.<\/span><\/p>\n

Article 71. Appeal against decisions of the Central Bank<\/span><\/p>\n

Decisions of the Central Bank <\/span>can be appealed<\/span> in accordance with the procedure established by law.<\/span><\/p>\n

Article 72. Responsibility for violation of the legislation on the Central Bank of the Republic of Uzbekistan<\/span><\/p>\n

Persons guilty of violating the requirements of the legislation on the Central Bank of the Republic of Uzbekistan bear responsibility in the prescribed manner.<\/span><\/p>\n

President of the Republic of Uzbekistan Sh. MIRZIYOEV<\/span><\/p>\n

.<\/span><\/span><\/p>\n

The document presented in an unofficial translation from the database of the law firm \u201cS VERENIN\u2019S LEGAL GROUP\u201d.<\/em><\/span><\/p>\n

The document presented from the database of the law firm \u201cS VERENIN\u2019S LEGAL GROUP\u201d.<\/em><\/span><\/p>\n

The document presented as of ___24.09____2024<\/em><\/span>\u0433<\/em><\/span>.<\/em><\/span><\/p>\n

.<\/span><\/span><\/p>","protected":false},"excerpt":{"rendered":"

LAW OF THE REPUBLIC OF UZBEKISTAN NOVEMBER 11, 2019 \u2116LRU-582 . ABOUT THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN . ADOPTED BY THE LEGISLATIVE CHAMBER ON AUGUST 17, 2019…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57,15],"tags":[],"class_list":["post-12413","post","type-post","status-publish","format-standard","hentry","category-bankovskoe-pravo","category-zakonodatelstvo"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/12413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/comments?post=12413"}],"version-history":[{"count":10,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/12413\/revisions"}],"predecessor-version":[{"id":13277,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/12413\/revisions\/13277"}],"wp:attachment":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media?parent=12413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/categories?post=12413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/tags?post=12413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}