Foreign exchange regime

Uzbekistan is a country acceded to the Article VIII of IMF to ensure convertibility of national currency into foreign currency without restrictions for so called “current international transactions”, for example export-import, distribution or franchise. In the practice, however, currency operations are heavily regulated by state authorities specifically with respect to those companies which have governmental share. Conversion operations (i.e. exchanging Uzbek Soums into hard currency) are still observed and implemented through the involvement from the Central Bank. All operations falling under the category of “currency operations connected with capital flow” such as foreign loan or borrowing is subject to review and registration by the Central Bank. Convertibility for “currency operations connected with capital flow” is not implemented yet.

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Foreign exchange regime

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