Please explain the procedure for purchase of foreign currency by citizens in banks.
Sale of foreign exchange to residents is carried out by conversion departments of commercial banks in a non-cash form using international payment cards.
In order to purchase foreign currency, a resident individual shall submit to the conversion department his document of identification (passport, residence permit of the Republic of Uzbekistan or military ID for the members of the services of the Republic of Uzbekistan).
If the funds in the national currency on the personal card are sufficient, the resident fills out the application for the purchase of foreign currency. In case of want of funds in national currency on the personal card of the resident, a personal card can be replenished by submiting of cash currency into the bank in any branch of the issuing bank.
In the event that the resident does not have a personal card, the commercial bank issues a plastic card on the basis of the customer's application. During conversion, the funds in national currency are written off through the payment terminal at the rate of sale of foreign currency of a commercial bank on the day of the transaction. Foreign currency is transferred to the international payment card of the resident.
If the resident does not have an international payment card, a bilateral agreement on opening a banking account in foreign currency is concluded between the bank and the resident. After that, an international plastic card is provided.
How can one make online payments for purchases of goods in online stores?
Online payments for the purchase of goods in online stores can be made with the use of international payment cards (for example, VISA, MasterCard, etc.). These cards are issued by the banks of the republic.
How is the exchange rate of the national currency "soum" set in relation to foreign currencies?
In accordance with Article 15 of the Law of the Republic of Uzbekistan "On Currency Regulation", transactions on the purchase and sale of foreign currency on the territory of the Republic of Uzbekistan shall be fulfilled at the rate of the national currency to a foreign currency that is formed on the basis of the current ratio of demand and supply to foreign currency.
At the same time, it should be noted that the level of demand and supply in the domestic currency market, as well as the alterations in the exchange rate of the national currency, are formed under the influence of such factors as the macroeconomic state of the country, including the balance of payments and the balance of foreign trading.
How one can get official information on foreign exchange rates to the national currency of the Republic of Uzbekistan – soum - set by the Central Bank of the Republic of Uzbekistan?
Information on foreign exchange rates is available on the official website of the Central Bank www.cbu.uz. This information can be obtained in soft copy in the form of Excel file.
Information on foreign exchange rates received from the Central Bank's website is considered as an official data and can be rechecked by the inquiring party on this website.
When will the measures for elimination of illicit currency market be taken?
In accordance with the Law of the Republic of Uzbekistan "On Currency Regulation" all settlement and payments in the territory of the Republic of Uzbekistan shall be fulfilled in the national currency, except for cases established by law.
The Law specifies that the purchase and sale of foreign currency by natural and legal persons in the territory of the Republic of Uzbekistan shall be carried out through banks. The purchase and sale of foreign currency beyond the banking system shall be deemed an illegal currency transaction and shall entail liability in accordance with the Code of the Republic of Uzbekistan on Administrative Responsibility and the Criminal Code of the Republic of Uzbekistan. In this regard, to the persons having violated the legislative requirements, appropriate measures shall be taken by law enforcement authorities in due order.
In the meantime, we inform that in accordance with the "Strategy of Actions on Five Priority Directions of Development of the Republic of Uzbekistan in 2017-2021" approved by the Decree of the President of the Republic of Uzbekistan "On the Strategy of Further Development of the Republic of Uzbekistan" No. UP-4947 dated February 7, 2017, a phased introduction of advanced market mechanisms of currency regulation is envisaged to be performed. At the present time ministries and departments are actively working in this direction.
In what terms the bank provides cash for salary and equivalent payments?
Cash payments made at the request of the client within the time specified in the cash demand of the client.
Can I activate the service «SMS-informer» online over the Internet?
Connection to the service can be performed online. To do this, you need to provide an official letter on behalf of the client (legal entity) to the Bank's management, scanned version of the letter should be sent to e-mail address info@infinbank.com. The contents of the letter shall be as follows: the full name of organization and number in international format: + 998 ...... which will be addressed by SMS notification
