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Home / Business / Currency Regime to Be Special

Currency Regime to Be Special

The portal for discussion of legal acts has placed the draft Resolution of the Cabinet of Ministers On Approval of the Regulations on the functioning of the special currency regime for the participants of the free economic zones.

The project offers FEZ members to retain the right to choose independently commercial banks of Uzbekistan for service and to open foreign currency accounts in one or several commercial banks. FEZ members will be entitled to have bank accounts abroad in the manner prescribed by law. FEZ members should continue in a binding offer to credit all the proceeds in foreign currency to their accounts in commercial banks. There will also be permitted the flow of funds in foreign currency to the accounts of FEZ members, opened in banks abroad, provided that they are used for the purposes stipulated by the legislation of the Republic of Uzbekistan, on the basis of which these accounts were opened.

In accordance with the provisions, FEZ participants will have the right to make payments within the FEZ in foreign currency in accordance with the agreements concluded between them; to pay for goods, works and services in foreign currency, which will be provided by residents of the Republic of Uzbekistan; to use convenient forms of payment for exported and imported goods.

Business entities - residents of the Republic of Uzbekistan, which are not members of the FEZ will have the right to provide the sale of goods, works and services to FEZ members for foreign currency.

One of the most important terms of the new provision will be the fact that the purchase and sale of foreign currency on the domestic foreign exchange market participants will be carried out by FEZ members in the manner prescribed by law.
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