The President has signed the Law On Currency Regulation No.
ZRU-573 of October 22, 2019 (the "New Law"), which is
effective since its date of publication - 23 October 2019. As the
result, the Law On Currency Regulation No. ZRU 556 - II of December
11, 2003 (the "Old Law") shall cease to have effect. An
unofficial translation of the New Law is available in English at
the following link:
https://kostalegal.com/publications/law-of-the-republic-of-uzbekistan-on-currency-regulation.
The discussion below provides for the New Law review by focusing
on, in our view, the most significant alterations made to the Old
Law.
REGULATORS
The state body responsible for the state currency regulation
remains the same - the Central Bank of the Republic of Uzbekistan
("CBU"). However, the CBU is no longer responsible for
the issuance of permits to open bank accounts abroad as it was
envisaged by the Old Law. It is now laid down that the CBU will
only receive notifications of
