Draft law “On Central Bank” in new edition developed in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) -- The draft law “On Central Bank of Uzbekistan” in new edition was developed in Uzbekistan.

The document said that the Central Bank is a legal entity and is in the exclusive ownership of the state.

The main objectives of the Central Bank are to ensure price stability, stability and development of the banking system, stability and development of the payment system. Getting profit is not the main goal of the Central Bank, the document said.

The main tasks of the Central Bank are:

  • development and implementation of monetary-credit policy and currency policy; organization and implementation of foreign exchange regulation and currency control;
  • assistance in ensuring the stability of the banking system, the activities of microcredit organizations and pawnshops;
  • organization and provision of coordination of the functioning of payment systems in the Republic of Uzbekistan;
  • licensing and regulation of the activities of banks, bank holdings, microcredit organizations, pawnshops, currency exchange and credit bureaus (hereinafter credit organizations and credit bureaus);
  • supervision of banks, bank holdings, microcredit organizations, pawnshops and credit bureaus;
  • ensuring the protection of the rights of consumers of banking services, increasing financial accessibility and the level of financial literacy of the population and business entities;
  • formation and publication of banking, monetary statistics;
  • formation and publication of external sector statistics, including the balance of payments, the international investment position, the external debt of the Republic of Uzbekistan, reserve assets and exchange rates;
  • management, accounting and storage of international reserves of the Republic of Uzbekistan, including reserves of the Government of the Republic of Uzbekistan under the agreement.

According to the draft law, the Central Bank has no right to engage in financial assistance and carry out commercial activities, as well as to issue guarantees to third parties, including those of the Government of the Republic of Uzbekistan.

The regulator also has no right to take part in the capital of banks and other legal entities, except for participation in the capital of the currency exchange, as well as enterprises and organizations that support the activities of the Central Bank.

The size of the authorized capital of the Central Bank is two billion soums. It can be increased in line with the decision of the Senate of the Oliy Majlis of the Republic of Uzbekistan.

The authorized capital of the Central Bank is not subject to transfer or use as a mortgage security, the draft law said.

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