The Rules for conducting foreign exchange transactions have been approved in the Republic of Uzbekistan
The Resolution of Board of the Central Bank as registered with the Ministry of Justice under No.3281 dated 31 August 2020 approved the Rules for conducting foreign exchange transactions in the Republic of Uzbekistan (the “Rules”). These Rules entered into force on 1 September 2020.
Regulatory legal acts on licensing of banking activities in Uzbekistan have been merged into one document
The Central Bank of the Republic of Uzbekistan has adopted Regulation “On the procedure and conditions for admission to banking activities” No.352 dated 30 June 2020 (the “Regulation No.352” in order to bring the permitting and licensing procedures in the banking sector in compliance with the requirements of the amended Laws “On Central Bank of the Republic of Uzbekistan” and “On banks and banking”. The Regulation No.352 optimizes and merges several regulatory legal acts governing this sphere.
All financial assets must now be accounted for
President Vladimir Putin signed law No. 291-FZ of 31.07.2020, which establishes the obligation of residents to report on the movement of not only cash, but also other financial assets on accounts in foreign banks and other financial market organizations.
President of the National Bank of Georgia Adopted Following Orders
Order # 130/04 on the approval of the rule on Simplified Procedures for the Acquisition of a Significant Share of a Commercial Bank in the Mode of Resolution. Order aims to facilitate the speedy and smooth running of the resolution mode by defining simplified procedures for acquisition of a significant share.
Road map for reducing the share of shadow economy is adopted
On 20 June 2020, there was adopted a Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On measures for reducing the share of the" shadow economy "in the Republic of Uzbekistan" No.394, according to which the "Road map" was approved.
Asian Development Bank projects slowdown in economic growth of Uzbekistan in 2020
Asian Development Bank (the “ADB”) has reconsidered its economic growth projections for Uzbekistan in 2020 by decreasing the projection from 4,7% to 1,5%. ADB has adjusted and updated the economic growth forecasts due to the pandemic, which has decreased the volume of foreign trade and money transfers. Forecasts of the World Bank and European Bank for Reconstruction and Development regarding Uzbekistan's economic growth for 2020 coincide, amounting to a GDP growth of 1,5%.