The capacity of the CBU to enter into Commodity Derivative Transactions

the CBU has a unique status in Uzbekistan. Although it is called a “bank”, it may not be regarded a commercial bank on the basis of the following reasoning. In accordance with Uzbekistan law[1], a bank is defined as a legal entity being a commercial entity engaged in banking activity. The CBU is not granted authority to engage in commercial activity[2]. Rather, the CBU is the state organ regulating the banking sector of Uzbekistan and fulfils, basically, controlling, supervising and administrative functions. The CBU’s main objective is to provide for the stability of the national currency[3]. The CBU’s key applicable tasks are:

to form, adopt, and carry our monetary and currency regulation policies; and
to keep in custody and to manage the official bullion and currency reserves of Uzbekistan, includi...

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The capacity of the CBU to enter into Commodity Derivative Transactions

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