The Central Bank of the Republic of Uzbekistan (the Central Bank) is the state-owned bank of the first level that is not commercial bank but rather performs the functions of a state ministry. The Central Bank is accountable to the supreme legislative organ of power of the country (the Oliy Majlis – the Parliament). The main functions of the Central Bank include, inter alia, regulation of money circulation and credits emission of bank-notes into circulation, introduction of normative documents and instructions for the application within the Republic of Uzbekistan, issue of licenses for banking as well as for carrying out operations in currency by commercial banks; for retail trade and rendering services in foreign currency; for formation of foreign currency funds, gold reserve and diamond fund of the Republic of Uzbekistan.
The Central Bank has the right to control the activity of the sec...