Structure of Central Bank

Central Bank of Republic of Uzbekistan represents centralized control system. For performance of assigned tasks it creates the appropriate services and establishments, which work on the basis of rules confirmed by the Board of Central Bank.

Structure and the bodies of management of Central bank are determined by the Law "About Central bank". The supreme body of Central Bank is the Board of Central Bank. The Board consists of 11 members and is headed by the Chairman, who is at the same time Chairman of Central Bank. The Board of Central Bank is allocated the large powers by definition and regulation of the basic directions of monetary policy and development of banking system.

Cooperation of Central banks with International Financial Organizations

There is integration of the Republic of Uzbekistan and its Central bank in the world community. Mutual cooperation with:

International Monetary Fund
World Bank
European Bank of Reconstruction and Development
Asian Development Bank
have allowed to begin realization of the received credits on transformation system, maintenance of balance of payment, financing of private business, institutional , rehabilitation loans and others.

There is a special working group, with the IMF representative in it, which is in charge of fulfillment of further liberalization of the exchange market. The basic task of it work is the creation of conditions and development of strategy for maintenance of convertibility of Soum on the current international operations.

The positive results of work with the International Financial Organizations opens new prospects to the realization of joint projects together with various economic institutes and large banks of the world.

Having received the further development the correspondent relations of Central bank of Uzbekistan, active and the international operations are increased. Besides operational communications Central bank receives support in training the experts and consulting services from the correspondents. There are most fruitfull relations with:

Deutsche bank
Deutsche Bundes Bank (Germany)
UBS Banks and Credit Swiss (Switzerland)
Bank of England
Bank of France
Bank of India
and other world-wide banks.

Exchange policy of the Central Bank of the Republic of Uzbekistan

The main purpose of transition, in transition period, from planned economy to market mechanism is the stabilization and structural transformation. An ultimate goal is the improvement of economic growth, complete employment, stable prices and sustainability of balance of payment.

After getting independence, Uzbekistan has faced a few dificulties about the realization of macroeconomic reforms to overcome the inflationary processes and declining ii manufacture, creation adequate conditions for financial system.

Functions of the Central Bank of Uzbekistan

"The Central Bank of the Republic of Uzbekistan is state issuing and reserve bank.. CB is authorized by the Constitution of the Republic of Uzbekistan. Central Bank cooperates with national and Central Banks of other states on the basis of intergovernmental and interbank agreements. Central Bank of the Republic of Uzbekistan has 14 regional branches, functioning in regions of the country."

Central Bank is depository of the international financial organizations. Central Bank is accountable to Supreme Council of Republic of Uzbekistan and independent of the executive bodies.

The basic functions of Central bank are development and realization of economic policy of the state in the field of money circulation, crediting, financing, accounting, exchange relations, monetary system management of the Republic of Uzbekistan.

The task of maintenance of money circulation stability and solvency of money in the territory of the republic is performed by Central Bank by management of money turnover, regulation structure of money supply. Central Bank issues money to the circulation and conducts forecasting of money turnover.

More about Central Bank you can find from their web-site: www.cbu.uz

Central Bank of Uzbekistan
6 Uzbekistan avenue, 700000, Tashkent, Uzbekistan;
Tel.: (998 71) 152-57-39 (tel./fax), 112-61-94;
E-mail: webmaster@cbu.st.uz

Commercial Banks

Generally, a bank is an entity in which a substantial part of its business consists of receiving deposits and making loans. Deposits may be in the form of certificates of deposits (CD's), savings, checking, money market accounts, etc. Loans may be commercial, consumer, mortgages, government obligations, etc.

The basic function of a typical bank is to loan money on which it earns interest; therefore loans are included in the property factor because they represent earning assets, property that produces income.

Changes of Laws about Banking Activity

Resolution "On the introduction of amendments to Resolution" On approval of Regulations on a procedure for carrying out obligatory sale of foreign exchange earnings derived from export of and sale of cotton fibre to enterprises set up with a share of foreign investments, as well as issue of bank guarantees and opening of standby letters of credit under contracts for export of cotton fibre" of the Board of directors of the Central Bank of the RUz No. 611-1 dtd 27.12.2006 (reg. by the Ministry of Justice of the RUz No. 1512-1 dtd 19.01.2007). With effect from January 29, 2007;

Law "On the introduction of amendments to the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" in connection with adoption of the Law of the Republic of Uzbekistan "On microcredit organizations" of the Republic of Uzbekistan No. ZRU-54 dtd
20.09.2006;

Law "On the introduction of amendment to Article 7 of Law of the Republic of Uzbekistan "On banks and banking" of the Republic of Uzbekistan No. ZRU-49 dtd 14.09.2006;

Resolution "On approval of Regulations on a procedure for calculation and payment of taxes to the budget by commercial banks and credit unions" of the Ministry of Finance of the RUz No. 42, the State Tax Committee of the RUz No. 2005-36, the Central Bank of the RUz No. 261-B dtd 25.04.2005 (reg. by the Ministry of Justice of the RUz No. 1480 dtd 16.06.2005) with effect from June 26, 2005;

Resolution "On measures to reform and liberalize banking system" by the President of the RUz No. PP-56 dtd 15.04.2005;

Resolution of the Oliy Majlis of the Republic of Uzbekistan "On the enactment of Law of the Republic of Uzbekistan "On bank secrecy"" No. 531-II dtd 30.08.2003;

Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On approval of Regulations on licensing of professional activity carried out on securities market (activity of investment establishment on securities market)" No. 308 dtd 09.07.2003;

Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On licensing of exchange activity" No. 66 dtd 04.02.2003;

Resolution "On approval of Regulations on a procedure for state registration of credit unions and issue of licenses" of the Board of directors of the Central Bank of the RUz No. 11/9 dtd 13.05.2006 (reg. with the Ministry of Justice of the RUz No. 1586 dtd 23.06.2006). With effect from July 3, 2006;

Decree by the President of the Republic of Uzbekistan About measures for stimulation of private commercial banks creation dtd 24.04.1997;

Letter of the Central bank of the Republic of Uzbekistan No. 241 dtd 20.07.1996 "Provision on the order of opening, registration and accreditation of representations of foreign banks on the territory of the Republic of Uzbekistan (Approved by the Decree by the Board of of the Central bank No. 20 dtd 20.07.1996);

Order of Issuing of Patents for the Priority Right of Sums' Convertance in a Hard Currency by the Central Bank of the Republic of Uzbekistan (The Central Bank of the Republic of Uzbekistan No. 88 dtd 13.10.1994);

Commercial Banks of Uzbekistan:

1. ABN AMRO Bank National Bank of Uzbekiston
Tel.: 120-61-41
web: www.abnamro.com

2. ALOQABANK
Tel.: 152-78-74
web: www.alokabank.uz

3. ALP-JAMOL Bank
Tel.: 132-16-10
web: www.alpjamolbank.com

4. ASAKA Bank
Tel.: 120-81-11
web: www.asakabank.com

5. Credit Standard Bank
Tel.: 132-24-32
web: www.credit-standard.uz

6. DAVR Bank
Tel.: 144-95-01

7. GALLABANK
Tel.: 133-42-25
web: www.gallabank.com

8. HALQ BANK (Peoples Bank)
Tel.: 173-86-48, 78-59-44
web: www.xalqbank.com

9. HAMKORBANK
Tel.: (8-3742) 22-30-11, 24-70-39
web: www.hamkorbank.uz

10. IPAK YULI Bank
Tel.: 120-38-88, 76-85-52
web: www.ipakyulibank.com

11. IPOTEKABANK
Tel.: 133-91-21
web: www.ipotekabank.uz

12. KAPITAL Bank
Tel.: 132-07-01, 132-07-03, 132-07-04
web: www.kapitalbank.uz

13. MIKROKREDIT Bank
Tel.: 173-28-12

14. NATIONAL BANK OF UZBEKISTAN for Foreighn Economic Activity
Tel.: 134-41-52
web: www.nbu.com

15. PARVINA Bank
Tel.: (8-3662) 31-05-07

16. PAXTA Bank
Tel.: 78-12-96
web: www.pakhtabank.com

17. RAVNAQ Bank
Tel.: 120-36-66
web: www.ravnakbank.uz

18. SADERAT Bank
Tel .: 120-46-50, 120-46-51

19. SAMARQAND Bank
Tel .: (8-3662) 33-02-75, 24-01-77

20. SANOATQURILISHBANK (Industrial and Construction)
Tel.: 120-45-45, 120-45-01
web: www.uzpsb.uz

21. SAVDOGAR Bank
Tel.: 152-72-21
web: www.savdogarbank.uz

22. TRUSTBANK
Tel.: 144-76-22, 41-23-43
web: www.trustbank.uz

23. TURKISTON Bank
Tel.: 132-09-34

24. TURON Bank
Tel.: 144-33-94
web: www.turonbank.uz

25. UZKDB Bank
Tel.: 120-80-00

26. UZBEK-TURKISH Bank (UT)
Tel.: 173-83-25
web: www.utbk.uz

27. UKTAMBANK
Tel.: (8-375) 227-66-23

28. UNIVERSAL Bank
Tel.: (8-37355) 2-82-52