Article 4. Basic Concepts

The following basic concepts shall be applied in this Law:

exchange rate means the rate of foreign currency against the currency of the Republic of Uzbekistan;

currency control means the activities of currency control bodies which aim at ensuring compliance with the requirements of the legislation on currency regulation by residents and non-residents;

currency operations mean operations (transactions) which are connected with assignment or transfer of ownership and other rights to currency valuables, use of currency valuables as legal tender, and also carriage, mailing and transfer in the Republic of Uzbekistan, as well as carriage, mailing and transfer out of the Republic of Uzbekistan, of currency valuables, operations in the currency of the Republic of Uzbekistan between residents and non-residents;

currency regulation means the activity of the currency regulation body with respect to the establishment of the procedure for circulation of currency valuables, rules for ownership, use and disposal of currency valuables;

currency valuables mean foreign currency, securities and payment documents with face value expressed in foreign currency, securities without face value which are issued by nonresidents, and refined gold in bullion;

foreign currency means banknotes which are authorized medium of circulation and a legal tender of cash payment in the territory of a foreign state (group of foreign states), and also banknotes which are withdrawn or those to be withdrawn from circulation with subsequent exchange, as well as funds in bank accounts and deposits in monetary units of foreign states (group of foreign states) or in international monetary or settlement units;

derivative financial instruments related to foreign currency (currency derivatives) mean contracts for the purchase and sale of foreign currency, under which the performance of obligations is to be carried out after a certain period or depending on the value or change in the exchange rate of foreign currency;

currency of the Republic of Uzbekistan (national currency) means the monetary unit of the Republic of Uzbekistan (soum).