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NEWS

Uzbek Central Bank reduces cost of banks' licence for transactions in foreign currency

19 December 2012

http://en.trend.az of 12/19/2012 - The Uzbek Central Bank has reduced the fee for issuing licenses to commercial banks to conduct transactions in a foreign currency by twice up to $1,000.

Appropriate changes are expected by the updated licence issuance rules to commercial banks to conduct transactions in a foreign currency. The previous rules adopted in March 1998, envisaged collecting a sum in an amount equivalent to $2,000. The new order will come into force on Dec. 21, 2012.

It was previously reported that Uzbek President Islam Karimov's order on 'Measures on reducing the statistics, tax, financial reporting, licensed activities and permissive procedures', was adopted in July 2012. The government was instructed to review fees paid by business entities to obtain licenses and permissive documents for entrepreneurial activity and to take decisions on lowering costs by at least two times.

The Uzbek banking system is currently represented by 30 banks including three state, five with foreign capital, 13 joint stock and nine in the private sector.

According to the Central Bank, the total assets of the Uzbek commercial banks increased by 26.8 per cent up to 34.8 trillion soums in January-September 2012 compared to 2011, the total loan portfolio by 20.8 per cent up to 18.9 trillion soums and the aggregate bank capital by 6.9 per cent to 5.7 trillion soums.