The Board of the Central Bank of Uzbekistan has adopted a resolution introducing amendments to the rules governing foreign exchange operations. The document is dated March 30, 2026, and was registered with the Ministry of Justice on April 22 under number 3281-5 (attached below in Uzbek). The resolution enters into force on the date of its official publication.
The changes concern the accounting of foreign exchange operations, rules for purchasing foreign currency by investors, the operation of exchange offices, issuance of cash currency, and the handling of damaged banknotes.
In general, the document:
- strengthens the accounting of foreign exchange operations
- clarifies the procedure for securities-related transactions
- introduces rules for issuing cash currency from accounts
- expands the grounds for accepting foreign currency from non-residents
- prohibits the re-issuance of damaged banknotes
- unifies requirements for all banks
Mandatory recording of foreign exchange operations in the Central Bank system
Banks are required to enter information into the Central Bank’s information system on foreign currency purchase and sale transactions, including interbank deals, operations with clients, as well as swap and derivative transactions.
Simplified currency purchase for securities operations
The purchase of foreign currency is permitted:
- for the payment of income on securities denominated in foreign currency
- for the fulfillment of obligations under such securities
- for the repatriation of funds by foreign investors
- for the payment of dividends, coupons, and other income
Operations are carried out on the basis of securities issuance documents or investor applications.
Technical correction of foreign currency purchase applications allowed
If a client’s application contains errors, they may make technical corrections without submitting a new application.
New procedure for accounting exchange offices
Banks are required to submit information to the Central Bank on:
- currency exchange cash desks
- bank service offices
- structural subdivisions
- exchange offices
These points are registered and included in the accounting system. At the same time, currency exchange via ATMs does not require use of the system.
Ban on re-issuing damaged banknotes
Banks are prohibited from reintroducing banknotes with signs of damage into circulation.
Expanded grounds for accepting cash foreign currency from non-residents
Banks may accept cash foreign currency from non-resident individuals also on the basis of other documents confirming the lawful origin of funds.
Defined cases for issuing cash foreign currency from accounts
Cash foreign currency may be issued from bank cash desks:
- to individuals — without restrictions within the funds available on the account
- to legal entities — for the return of foreign currency deposits to charter capital and for business trips abroad
- to representative offices and branches of non-residents — for foreign business trips
- to diplomatic missions — based on an official letter
- to foreign citizens — for VAT refunds in cash
Replacement of the term “commercial banks” with “banks”
Throughout the document, the term “commercial banks” has been replaced with “banks,” extending the rules to all banking institutions.