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Uzbek citizens will transfer money between cards of different banks for free

Since March 1 Uzbeks are free to transfer money from their bank cards to cards of customers of other banks, the press service of the Central Bank of the Republic reports.

"In simple terms, a client of bank A can now transfer money from the plastic card to the card of a person who is a client of bank B in any region. So far such operations haven’t been made for technical reasons", – the Deputy Director of the monetary relations Department of the Central Bank, Fakhriddin Boboyev, said.

According to the regulator, the innovation will reduce demand for cash, and will create conditions to accelerate money turnover.

Innovations are presented in the new service plan, approved by the Central Bank and Association of Banks of Uzbekistan, for customer payments services with use of plastic cards in UZS.

According to the new service plan, the minimum interest rate charged by banks on balances of card accounts of individuals, is increased up to 9% refinancing rate of the Central Bank. Before banks have charged 1% of the refinancing rate per annum on card balances.

Payment for release of a card of legal entity and individual entrepreneur has been reduced from €20 to €5 at the Central Bank rate, and for release of a new corporate card instead of the lost or damaged one – from €25 to €10.

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