Currency Regulations / Operations With Cash Foreign Currency

(Uzbekistan Tax News Reporter - 1 November 1996)

With the purpose of preventing violations of currency legislation a Decree of the President of the Republic of Uzbekistan issued recently includes the provisions summarised below.

The national currency "soum" is to be the only currency used for payments on the territory of Uzbekistan. Import and export of foreign currencies in cash is allowed only to accredited banks and with the specific permission of the Central Bank of Uzbekistan.

Individuals (both residents and non-residents) are obliged to fill in customs declarations in respect of imported cash.

Imported foreign currency in excess of USD 5000 (or equivalent) is subject to a 2% import tax.