Article 7. Body of the State Currency Regulation

The Central Bank of the Republic of Uzbekistan (hereinafter referred to as “the Central Bank”) shall be the body of state currency regulation.

The Central Bank, within its powers, shall:

adopt normative legal acts which bind on non-residents for execution in the territory of the Republic of Uzbekistan, as well as on residents in the territory of the Republic of Uzbekistan and beyond;

define the rules for carrying out currency operations;

carryout licensing and regulate the activities of currency exchange markets;

set open foreign exchange position limits for banks;

prepare and publish currency operations and external sector statistics in accordance with generally accepted international practice;

establish the procedure for monitoring currency operations which are conducted by residents and non-residents, including together with currency control authorities;

establish forms of recording and reporting on currency operations for banks of the Republic of Uzbekistan and determine the procedure and time limits for their submission;

establish forms of recording and reporting on currency operations, which are mandatory for submission by all residents and non-residents, for the compilation of statistics of the external sector;

regulate and control activities of banks of the Republic of Uzbekistan with respect to observance of the legislation on currency regulation by them.

The Central Bank shall have the right to carry out all types of currency operations in the Republic of Uzbekistan and beyond.