From April 22, individuals in Uzbekistan can withdraw foreign currency in cash within the limits of their accounts without restrictions. Banks will no longer return damaged notes to customers. Foreign tourists receive VAT refunds in foreign currency in cash. Foreign investors can receive dividends and income from securities with a single application.
These changes To the decision of the Central Bank Board dated March 30, 2026 No. 10/9 mainly introduced.
Major changes
Canceled the restriction on withdrawal of cash from the accounts of individuals. Clause 46¹ was added from April 22. It specifies in which cases the bank can issue cash foreign currency from customer accounts.
Cash foreign currency is given to individuals within the limits of their accounts without restrictions. This is if dollar in the account $50,000 means the customer can withdraw all funds in one transaction.
Legal entities can receive cash only in two cases.
- in the return of currency funds previously contributed by individuals to the charter fund;
- in operations related to sending employees on business trips outside Uzbekistan.
Representative offices and branches of foreign companies can also receive cash on this basis: when sending employees on a business trip. Diplomatic missions can receive currency for other purposes based on an official letter to banks.
Banks remove damaged bills from circulation
A paragraph was added to clause 39: banks will not allow recirculation of banknotes with signs of damage specified in clauses 37 and 38.
In the past, the bank could give the customer a note that was stuck, torn, or had small stains as a return, when withdrawing from the account or during exchange. Such a banknote was officially considered legal tender. From April 22, all banknotes with signs of damage will be sent to the bank for collection. Only clean banknotes are given to the customer.
Banknotes with the following signs of damage are not issued:
The right of the customer remains unchanged. The bank will not refuse to exchange a damaged note that is valid for circulation. A non-negotiable banknote is accepted for collection by the bank. This is reinforced in clause 35 of the basic rules.
Foreigners can make non-commercial transfers
Dependence on citizenship has been removed. Now an individual with an account in the bank of Uzbekistan can receive and send non-commercial currency transfers to the accounts of other individuals in the banks of Uzbekistan.
Foreign investors can withdraw their earnings with a single application
Three new paragraphs have been added to Article 23. They are PF-254 to the decree is connected and makes it easier for non-residents to work on the stock market of Uzbekistan.
A foreign investor may purchase currency for repatriation in the following cases:
- income from the sale of securities on the stock exchange;
- dividends;
- interest and coupons;
- extinguishment of bonds;
- other income from securities.
The bank buys foreign currency based on the investor’s request. A set of supporting documents and separate agreement of each transaction was required before the correction could be made.
Foreign tourists receive VAT refunds in foreign currency in cash
Starting from April 22, the rules introduced a new basis for issuing cash from a bank account. Foreign citizens can get back VAT in the form of cash through the bank in accordance with the procedure established by the legislation on Tax Free.
Foreign tourists received VAT refunds by card, transfers or vouchers. Now it is possible to withdraw in cash through bank cash desks.
In addition, a new paragraph on receiving cash from non-resident natural persons was added to Clause 46. If a foreign citizen enters foreign currency on the grounds specified in the sixth, seventh or eighth paragraphs of Article 45, the bank accepts it not only on the basis of a set of standard documents, but also on the basis of other documents confirming the legal source of funds.
The Central Bank is linking the entire foreign exchange market to FERUz
A paragraph on the operation of the “Foreign Exchange Operations Accounting” (FERUz) system was added to item 21. Banks now enter information about all foreign exchange transactions into this system:
- between banks;
- with customers;
- on currency swaps;
- on derivatives.
Now the system sees the entire currency market: cash, non-cash, interbank and futures markets.
Clause 33 describes the procedure for connecting to the FERUz system. Banks submit information about cash desks, bank offices, retail branches and currency exchange offices to the regional headquarters of the Central Bank. The General Directorate registers the objects within five bank working days and sends the data to the Central Bank. The Central Bank will enter this information into the system within five working days. Transactions carried out through ATMs are exempted from the FERUz system.
Banks conclude transactions on swaps and derivatives based on ISDA standards
Paragraph 10 has been rewritten. The central bank and banks enter into currency swaps and derivatives transactions in three ways: directly with each other, with their clients, or through a currency exchange. Model conditions of the International Swaps and Derivatives Association (ISDA) or internal rules of the exchange are used as a basis.
The customer corrects the error in the currency purchase application without resubmitting the application
A second paragraph was added to paragraph 24. If the application for the purchase of foreign currency is made in violation of the requirements of clause 23, the client shall make a technical correction to it. The bank will not reject the application.
In the past, the bank would reject an incorrectly completed application. The legal entity had to collect the documents again and submit the application again. Now the company will correct the mistake and continue the work with this application.
The phrase “and confirmed” was deleted from the third paragraph of clause 24. The application is considered accepted at the moment of registration.
All banks work according to the same rules
The words “commercial banks” have been replaced by the word “banks” in all relevant clauses of the decision.
This change consolidates regulation. Now all banks in Uzbekistan – commercial, specialized and state banks – work on the basis of uniform rules for currency transactions. Earlier, some norms were applied only to commercial banks.
