Uzbekistan Eases Foreign Currency Regulations for Expats and Businesses
The Central Bank of Uzbekistan has enacted a new regulation designed to liberalise foreign exchange regulations across the country. Under the updated framework personal money transfers between individuals via bank accounts are now permitted regardless of citizenship.
Overseas citizens will also benefit from an expanded list of approved currency transactions. Foreigners are now authorised to invest funds into a local company’s share capital. They can also seamlessly execute charitable donations and process financial operations related to inheritance matters.
The legislative overhaul brings administrative relief to the corporate sector as well. Businesses seeking to purchase foreign currency will face less bureaucracy. Companies are no longer required to provide excessive documentation when making dividend payouts or other payments connected to securities.
To streamline banking processes minor clerical errors on currency purchase applications can now be rectified immediately without the need for a complete resubmission.
International investors stand to gain from enhanced capital mobility. The new rules grant foreigners the right to repatriate any profits generated from the sale of their local securities.
To ensure transparency across this newly liberalised financial landscape, all currency exchange transactions will now be logged within a single centralised monitoring system. This measure applies to both physical bank branches and online digital platforms.
The Central Bank has also clarified its position regarding cash withdrawals. While ordinary private citizens are free to withdraw funds from their personal bank accounts without any limitations, corporate entities remain subject to stricter oversight. Businesses will only be permitted to execute cash withdrawals for specific pre-approved operational purposes.
