Размер шрифта: A A A
Цвет сайта: A A A A



Money transfers 6

  • 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.

Documents

Exchange Rates

As of 11.08.2022 (cbu.uz)
1 USD = 10904.29
1 EUR = 11152.91
1 RUB = 180.31
1 GBP = 13183.29
Created with Snap
Click to listen highlighted text! Powered by GSpeech