Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan has tightened the procedure for conducting foreign exchange transactions for state-owned companies.

Chairman of the Central Bank Mamarizo Nurmuratov announced this at a press conference on 25 April.

According to the resolution of the Cabinet of Ministers, from April state-owned enterprises are allowed to conduct foreign exchange transactions only through banks where they have a main account.

This decision is aimed at ensuring proper control over the foreign economic operations of state-owned companies, especially those in which the state share is more than 50%.

Nurmuratov noted that this issue was raised earlier, in September, and is part of the strategy to ensure currency control.

At that time, the Central Bank planned to introduce restrictions on foreign exchange transactions, in particular, requiring legal entities to purchase foreign currency and conduct foreign exchange transactions exclusively through the banks in which they have a main account. However, this decision was reversed before it came into force.

In November 2023, the Central Bank also proposed tightening the conditions for the purchase of foreign currency by legal entities, as well as requiring non-residents to provide evidence of the legality of the origin of funds.