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Frequently asked questions and answers on foreign currency operation 11

  • Whether a Permanent Establishment may transfer money in foreign currency to the accounts of persons being employees of a non-resident..
    Whether a Permanent Establishment may transfer money in foreign currency to the accounts of persons being employees of a non-resident company operating in the Republic of Uzbekistan via a permanent establishment, for payment of arrears of payroll?

    In accordance with the Decree of the President of the Republic of Uzbekistan No. UP-1601 dated 24 October 1996 about the Measures for Regulation of Circulation of Cash Foreign Currency in the Republic, it’s categorically prohibited within the Republic of Uzbekistan for legal entities and individuals, being residents and non-residents, including enterprises with foreign investment, to implement settlement of accounts and payments in cash foreign currency for remuneration of all kinds of works and services, including payment of wages and equivalent payments.
    Such payments may be done in cash national currency of the Republic of Uzbekistan, and by transfer of Soums to relevant accounts in commercial banks of the Republic. For non-residents, payments may be done, in addition to the mentioned methods of payment, by transfer of foreign currency to their foreign currency accounts outside the Republic of Uzbekistan.
  • Our organization employ foreign citizens who have obtained permit to work in accordance with the laws of the Republic of Uzbekistan, receive salary in the national currency and under their duties they have business trips to various regions of the Republic
    Our organization employ foreign citizens who have obtained permit to work in accordance with the laws of the Republic of Uzbekistan, receive salary in the national currency and under their duties they have business trips to various regions of the Republic. Payment for their accommodation in hotels was provided by transfer of money from the settlement account of our organization to settlement account of hotel.
    At the present time the hotels request to pay in foreign currency for accommodation of our employees being foreign citizens.
    Are the above mentioned requirements of the hotels lawful?


    In accordance with the Decree of the President of the Republic of Uzbekistan No. UP-4861 dated 2 December 2016 about the Measures for Providing Accelerated Development of Tourism Sector in the Republic of Uzbekistan, it is established that, in case if persons not being governmental or budget-funded organizations of the Republic invite foreign citizens and stateless persons not having permanent residence in the Republic of Uzbekistan, payment for accommodation services in hotels and other housing, including those provided via tourism business entities, is to be only in foreign currency.
  • I am a citizen of the Republic of Uzbekistan. My brother wants to send me money from abroad by money transfer system (Western Union, MoneyGram, etc.). Are there any limitations during receipt of money by international money transfer system?
    I am a citizen of the Republic of Uzbekistan. My brother wants to send me money from abroad by money transfer system (Western Union, MoneyGram, etc.). Are there any limitations during receipt of money by international money transfer system? Is it possible to obtain them in foreign currency?

    In accordance with the legislation, natural persons are entitled to own foreign currency values imported, transferred or sent to the Republic of Uzbekistan, received or acquired in the Republic of Uzbekistan, and use them on their own.
    International money transfers of natural persons are implemented without any limitations, money funds are issued to citizens in a currency in which they were received.
  • An organization had signed a loan agreement with a foreign company. In accordance with that agreement, foreign currency money should be received on the bank account of organization.
    An organization had signed a loan agreement with a foreign company. In accordance with that agreement, foreign currency money should be received on the bank account of organization. What should we do to have those money credited on the organization’s account?

    In accordance with the legislation, for conducting a foreign exchange transaction with attraction of foreign borrowing, it’s necessary to submit an application and copy of loan agreement with all addenda thereto to the serving bank where the main demand deposit account is opened.
    In this case, the text of loan agreement should be in the state language or in Russian. If text of loan agreement is made in another language, it should be legalized, or apostille should be duly put on it, and translated in the state language or in Russian and notarized.
    After submission of these documents, the bank shall credit the money received under loan agreement to the organization’s account.
  • An organization should receive money on its account as gratuitous financial aid from a foreign organization. Please explain the procedure of crediting of such money to the account of our organization.


    In accordance with the legislation, serving of legal entities and individuals receiving technical assistance, grants and humanitarian aid is vested in the National Bank of Uzbekistan and Asaka Bank.
    Thus, upon receipt of money on an account on gratuitous basis from representation offices of international and foreign governmental and non-governmental organizations, it’s necessary to apply to the National Bank of Uzbekistan and Asaka Bank for opening a grant account. Then, an instruction should be made to the serving bank to transfer the received money to the grant account.
  • Please explain the procedure of entering of new contracts and revisions to them in the Unified electronic information system of foreign trade operations (UEISFTO).


    Information on foreign trade contracts is entered in the UEISFTO via the programs E-Contract or VED contract. Detailed consultations on operation in these programs should be arranged by serving banks. The serving banks can also provide a service for entering information on foreign trade contracts in the UEISFTO.
  • Please explain the procedure of buying foreign currency by citizens in the banks


    Sale of foreign currency to residents is provided by conversion department of commercial banks by bank transfer (cashless) with use of international payment cards.
    For buying foreign currency, an individual being a resident shall submit to the conversion department an identity document (passport, residence permit in the Republic of Uzbekistan or military service card for military servicemen of the Republic of Uzbekistan).
    If there is enough money in the national currency on a personal card, a resident shall fill an application for buying foreign currency. In case of insufficiency of money in the national currency on a personal card of resident, personal card can be replenished by depositing of national currency in cash to bank cash desk in any branch of issuing bank.
    If a resident doesn’t have personal card, on the basis of application of a client, commercial bank shall issue a plastic card. During conversion, money in the national currency are charged off via a payment terminal at the rate of selling of foreign currency of commercial bank as of the day of transaction. Foreign currency shall be transferred to international payment card of resident.
    If resident doesn’t have an international payment card, a bilateral agreement shall be negotiated between the bank and resident for opening a bank account in foreign currency. After that, an international payment card is issued.
  • How is it possible to conduct online payments for buying goods in Internet shops?


    Online payments for buying goods in Internet shops can be conducted with use of international payment cards (e.g. VISA, MasterCard, etc.). Such cards are issued by the Republic’s banks.
  • How is the exchange rate of the national currency “Soum” in relation to foreign currencies is established?


    In accordance with the Law of Foreign Currency Regulation of the Republic of Uzbekistan, operations of buying and selling foreign currency within the Republic of Uzbekistan are realized at the exchange rate of the national currency in relation to foreign currencies established on the basis of the current relation between foreign currency supply and demand.
    Whereas, it should be noted that the level of demand and supply in the domestic currency market as well as the changes of the exchange rate of the national currency are formed under the effect of such factors as macroeconomic situation in the country, including the balance of payments and foreign trade balance.
  • How to obtain official information about exchange rates of foreign currencies to the national currency of the Republic of Uzbekistan – Soum, established by the Central Bank of Uzbekistan?


    The information of exchange rates of foreign currencies is placed at the official website of the Central Bank of Uzbekistan www.cbu.uz. This information can be obtained in electronic form in Excel format.
    The information of exchange rates of foreign currencies obtained from the website of the Central Bank of Uzbekistan is deemed as official and can be double-checked by a requesting party at that site.
  • When will the actions for elimination of illegal foreign currency market be taken?


    In accordance with the Law of Foreign Currency Regulation of the Republic of Uzbekistan, all settlements of account and payments within the Republic of Uzbekistan are effected in the national currency, except for the cases stipulated by the legislation.
    This Law established that buying and selling foreign currency by legal entities and natural persons within the Republic of Uzbekistan is to be implemented via the banks. Buying and selling foreign currency outside of the banking system is an illegal currency operation and will cause criminal responsibility in accordance with the Code of Administrative Responsibility and Criminal Code of the Republic of Uzbekistan. In such cases, persons violating the requirements of the legislation shall be subjected to relevant sanctions in due manner from the side of law-enforcement authorities.
    At the same time, please be informed that in accordance with the Strategy of Actions in Fire Priority Directions of Development of the Republic of Uzbekistan in 2017-2021 approved by the Decree of the President of the Republic of Uzbekistan No. UP-4947 dated 7 February 2017, provision is made for staged introduction of the advanced market mechanisms of currency regulation. At the present time, the ministries and departments carry on active work in this field.

Documents

Exchange Rates

As of 11.08.2020 (cbu.uz)
1 USD = 10231.71
1 EUR = 12059.09
1 RUB = 138.65
1 GBP = 13353.4
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