Law of the Republic of Uzbekistan on Currency Regulation

CHAPTER 1. GENERAL PROVISIONS

Article 1. Purpose of this Law

The purpose of this Law is to regulate relations in respect of currency operations and currency control.

Article 2. Legislation on currency regulation

Legislation on currency regulation shall consist of this Law and other legislative acts.

Where an international treaty of the Republic of Uzbekistan establishes other rules than those contained in the legislation of the Republic of Uzbekistan on currency regulation, the rules of the international treaty shall be applied.

Article 3. Scope of the Law

This Law applies to relations that ensure the implementation of the unified state currency policy of the Republic of Uzbekistan.

Article 4. Basic terms

The following basic terms are applied in this Law:

exchange rate

— the rate of foreign currency in relation to the currency of the Republic of Uzbekistan;

currency control

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

currency operations

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

currency regulation

— the activity of the currency regulation body to establish the procedure for circulation of currency valuables, rules for ownership, use and disposal of currency valuables;

currency valuables

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

foreign currency

— banknotes that 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circulation and a legal tender of cash payment in the territory of a foreign state (group of foreign states), and also withdrawn banknotes or those to be withdrawn from circulation with subsequent exchange, as well as funds in bank accounts and deposits in monetary units of foreign states (group of foreign states) or in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)

— contracts for the purchase and sale of foreign currency, under which the performance of obligations is carried out after a certain period or depending on the value or change in the exchange rate of foreign currency;

the currency of the Republic of Uzbekistan (national currency)

-  the monetary unit of the Republic of Uzbekistan (Soum).

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