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Uzbek Citizens to Be Allowed to Open Account in Foreign Banks

Monday 2 July 2018

BAKU (Trend) – Uzbek citizens will be allowed to open and use accounts in foreign banks. The draft of the presidential decree titled “On Currency Regulation and Currency Control” is published on the portal for discussion of regulatory legal acts in Uzbekistan. The decree is drafted by the Central Bank of Uzbekistan.

The document also notes that import into Uzbekistan of foreign and national currency cash, securities in an amount equal to or not exceeding the equivalent of $10,000, can be carried out by residents and non-residents without restrictions.

Export exceeding the established amount by non-residents is carried out on the basis of a passenger customs declaration filled in at the entrance to Uzbekistan, in which the amount of foreign currency in cash is indicated not less than the amount of foreign cash withdrawn.

Prize-winners or participants of competitions, contests and Olympiads organized in the country in a established order may export the currency exceeding the established amount on the basis of a document confirming the legality of receiving foreign currency cash. Meanwhile, individuals importing or exporting from Uzbekistan foreign or national currency cash, or securities, in the total amount exceeding the equivalent of $5,000, are subject to mandatory written declaration.

For the first quarter of 2018, the positive balance of the current account amounted to $532.6 mln. Current account shows flows of goods, services, primary and secondary income between residents and non-residents.

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