Article 12. Residentsʼ Accounts

Residents shall have the right to open accounts in foreign currency with banks of the Republic of Uzbekistan.

Physical persons who are residents shall have the right to open foreign currency accounts and deposits with banks of the Republic of Uzbekistan and outside its territory.

Legal entities which are residents may open and use accounts outside the territory of the Republic of Uzbekistan pursuant to decisions of the President of the Republic of Uzbekistan or the Government of the Republic of Uzbekistan or provisions of international treaties of the Republic of Uzbekistan, which provide for the opening and use of accounts in the currency of the Republic of Uzbekistan or foreign currency in banks abroad.

Legal entities, which are residents, shall be obliged to notify the tax authorities for the place of registration, as well as the Central Bank, of the opening (closing) of accounts and changes in account details, upon opening accounts outside the territory of the Republic of Uzbekistan, as well as quarterly report on balances and turnover on these accounts not later than one month after the end of the reporting quarter in the manner prescribed by the Central Bank.

Opening and use of accounts outside the territory of the Republic of Uzbekistan by diplomatic and other representative offices of the Republic of Uzbekistan, as well as by representatives of organizations of the Republic of Uzbekistan outside the territory of the Republic of Uzbekistan, which do not carry out economic or other commercial activities, shall be allowed for the period of their stay and activities abroad. Upon completion of their stay and activities abroad, the accounts shall be closed and the account balances shall be transferred to the Republic of Uzbekistan.

Residents shall have the right to transfer foreign currency from their accounts in banks of the Republic of Uzbekistan or in banks outside the Republic of Uzbekistan to their accounts in banks of the Republic of Uzbekistan without restrictions.