A major banking-sector reform is currently underway, primarily aimed at restructuring and privatising the largest state-owned banks, with positive effects across the banking sector. The Uzbek financial market is nascent, with regulatory infrastructure fragmented and all market segments lacking depth and liquidity..
Who regulates banks in Uzbekistan?
Regulations - The Central Bank of the Republic of Uzbekistan..
Uzcard , Humo and Upay are currently national payment systems.
The new banking law represents an important milestone. Its approval concludes a year of intensive technical cooperation between the World Bank
Banking activity is regulated by this Law, The law on the Central Bank of the Republic of Uzbekistan, other legislation. Article 4. Bank operations. Banks
Banks of the Republic of Uzbekistan shall be independent in making decisions on the execution of banking operations. A bank officer may work elsewhere on a
Acquisition of Bank Shares
According to the procedure which was in force before the adoption of the Law, in order to acquire 5 or more percent (but not more than 20 percent) in a bank, non-residents had to obtain prior permission from the Central Bank; now this requirement also applies to Uzbek residents. Unlike the previous procedure, the Law focuses on the ultimate benefic.
Does Uzbek law protect consumers' rights?
Uzbek legislation provides for consumer protection (Law of the Republic of Uzbekistan “On Protection of Consumers’ Rights” of 26 April 1996)
There is also a Federation of societies on protection of consumers’ rights in Uzbekistan
Does Uzbek law restrict the establishment of branches of foreign entities?
Uzbek law does not explicitly restrict/ prohibit the establishment of branches in Uzbekistan by foreign entities
However, the registration and activities of branches of foreign companies are not regulated at all
In practice, therefore, the Uzbek authorities do not register branches of foreign legal entities
Duties of The Bank
One of the restrictions established by the Law is on the participation of banks in the charter capital of other legal entities (including other banks). Banks now do not have the right to create legal entities or participate in the charter capital of legal entities except for: 1. legal entities carrying out credit, insurance, and leasing operations .
How many banks are in Uzbekistan?
Includes special features of this country’s banking system and rules/laws that might impact U
S business
There are 29 commercial banks in Uzbekistan, including :,five state-owned banks; 13 partly state-owned joint-stock banks; five banks with foreign capital; and six private banks
How to get permission for banking services in Uzbekistan?
By submitting online applications, you can get permission for the following types of services: ,conducting the activities of the Bank, conducting the activities of microcredit organizations
List of regulations on public services rendered by the Central Bank of the Republic of Uzbekistan
Powers of The Central Bank
Earlier in 2019, the requirement to agree candidates for the chairman of a bank’s management board with the Central Bank was canceled. Under the new Law, such a requirement was re-established with additions. Now, not only candidates for members of the supervisory and management boards but also candidates for the so-called key personnel of the bank .
Banking law uzbekistan
Central Bank of Uzbekistan
The Central Bank of Uzbekistan, officially the Central Bank of the Republic of Uzbekistan, is the country's national bank. The current chairman of the central bank is Mamarizo Nurmuratov.
Constitution of the Uzbek Soviet Socialist Republic (1978)
The Constitution of Uzbekistan of 1978 was adopted on 19 April 1978 at the extraordinary session of the Supreme Soviet of Uzbekistan. The Constitution of Uzbekistan of 1978 contains 11 parts and it is further divided into 21 chapters.
Outline of Uzbekistan
Overview of and topical guide to Uzbekistan
The following outline is provided as an overview of and topical guide to Uzbekistan:
Uzbekistan Banking Association (UBA) is a voluntary trade association for commercial banks of the Republic of Uzbekistan. It is a noncommercial public organization, which fulfils the tasks of protecting the legitimate interests of banks. It ensures national commercial bank's conformity to the level of international standards with subsequent integration of banking sector in the world banking community.
The Central Bank of Uzbekistan
Central Bank of Uzbekistan
The Central Bank of Uzbekistan, officially the Central Bank of the Republic of Uzbekistan, is the country's national bank. The current chairman of the central bank is Mamarizo Nurmuratov.
Constitution of the Uzbek Soviet Socialist Republic (1978)
The Constitution of Uzbekistan of 1978 was adopted on 19 April 1978 at the extraordinary session of the Supreme Soviet of Uzbekistan. The Constitution of Uzbekistan of 1978 contains 11 parts and it is further divided into 21 chapters.
Outline of Uzbekistan
Overview of and topical guide to Uzbekistan
The following outline is provided as an overview of and topical guide to Uzbekistan:
Uzbekistan Banking Association (UBA) is a voluntary trade association for commercial banks of the Republic of Uzbekistan. It is a noncommercial public organization, which fulfils the tasks of protecting the legitimate interests of banks. It ensures national commercial bank's conformity to the level of international standards with subsequent integration of banking sector in the world banking community.
