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.