On 2 September 2017 the President of Uzbekistan signed a new Resolution (UP-5177) introducing changes to the foreign exchange regulations in Uzbekistan. Below is the summary of key changes.
New exchange rules
Starting from 5 September 2017:
- Legal entities registered in Uzbekistan may purchase foreign currency from commercial banks without limitation for the purposes of current international payments (such as, import of goods, works and services), repatriation of profit, repayment of loans, business trip expenses and other non-trade payments)
- As before, the exchange rate will be determined based on the offer and demand in the interbank forex trade sessions conducted in the Currency Exchange of Uzbekistan. The current exchange rates will be published in the website of the Currency Exchange (http://uzrvb.uz/)
- Mandatory sale of foreign currency proceeds is completely abolished
- Individuals – Uzbekistan residents may freely sell and buy foreign currency and use the funds abroad without limitations.
New rules on payment currency
On the territory of Uzbekistan:
- It is prohibited to make payments in foreign currency for goods (works and services), except the payments with international payment cards as per international practice
- Prices and rates for goods, works and services, as well as the minimum amount of the registered capital of companies will be determined exclusively in national currency
- Stamp duties, fees and other mandatory payments are collected only in national currency, except for consular fees.