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Uzbek Senate approves law strengthening central bank independence and payment oversight

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Uzbek Senate approves law strengthening central bank independence and payment oversight

This digest was compiled by AI from multiple sources — links to the originals are below.

The Uzbek Senate approved amendments to several laws strengthening the Central Bank's institutional independence and streamlining its regulatory powers. The law introduces a simplified 10-day registration procedure for central bank regulations and clarifies audit procedures for the bank and its regional branches.

Key Facts

  • The Senate approved the law at its 20th plenary session.
  • Central bank regulations with a positive legal service opinion will be registered within 10 days under a simplified procedure.
  • Audits of the Central Bank, its regional main departments, and subordinate organizations will be conducted based on a Senate decision or in cases provided by law.
  • The law aims to strengthen corporate governance and internal audit in banks, regulate household debt burden, and prevent systemic financial crises.

Legislative Amendments

The Senate discussed the law at its 20th plenary session. The law introduces amendments to certain legislative acts of Uzbekistan in connection with further improvement of the Central Bank's activities. The amendments are aimed at strengthening the institutional independence of the Central Bank and improving its activities related to the development and adoption of normative legal acts.

Regulatory Streamlining

Normative legal acts of the Central Bank that have received a positive opinion from its legal service will be registered within 10 days under a simplified procedure. The law establishes that audits of the Central Bank, its regional main departments, and subordinate organizations will be conducted based on a Senate decision or in cases provided by law. The amendments cover corporate governance and internal audit in banks, regulation of household debt burden, implementation of monetary policy, prevention of systemic financial crises, and regulation of payments and payment systems.

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