In a significant move aimed at promoting economic activity and easing currency-related transactions, Uzbekistan’s Central Bank, led by Mamarizo Nurmuratov, has lifted restrictions on foreign currency operations for commercial banks.
Previously, the Central Bank had imposed stricter requirements on foreign currency operations for commercial banks, a decision that was made by the regulator’s leadership.
It was noted that operations related to the purchase of foreign currency and currency transactions of economic entities could only be carried out by banks where the primary accounts of these entities were held.
However, on September 16th, this decision was reversed by the Central Bank. Relevant notifications have been sent to commercial banks, signifying a significant shift in currency policies within the country.
This move is expected to have a positive impact on businesses operating in Uzbekistan, as it simplifies currency transactions and provides more flexibility for commercial banks in serving their clients’ currency needs.
As Uzbekistan continues to open up its economy and foster a more business-friendly environment, the removal of these currency restrictions is a promising step toward enhancing economic growth and encouraging foreign investment in the country. Businesses operating in Uzbekistan can now conduct their foreign currency operations with greater ease and efficiency, contributing to the nation’s economic development.