Uzbekistan may cancel sale of foreign currency in cash to individuals starting February 1

Uzbekistan, Tashkent, Jan. 30 / Trend, D. Azizov / Uzbekistan may cancel the sale of foreign currency in cash to individuals starting February 1, 2013. According to www.bank.uz, sale of foreign currency to individuals - residents of Uzbekistan by banks will be carried out only by bank transfer. As www.bank.uz stated, the sale of foreign currency to resident individuals will be carried out in the following order: A customer opens international plastic card (Visa or Mastercard Exchange); A customer must provide proof of identity and a personal credit card with sufficient funds in national currency; Currency purchases will take place by transfer of foreign currency to international credit cards at the exchange rate applicable on the day of transaction, followed by issuance of a certificate according to prescribed manner. Purchase of foreign currency by banks will be carried out in unlimited amounts through exchange offices, mostly located in buildings of authorized banks and their branches, airports, railway stations, hotels, arrival and departure offices, interior ministry agencies, as well as customs offices. Exchange offices will also be kept, but only for purchase of foreign currency and its sale to individuals - non-residents. Funds transferred to the international credit card, can be easily used for paying for goods and services, as well as withdrawing cash abroad. Within the country, foreign currency transferred to the card can be withdrawn only in the local currency at the exchange rate valid on the day of transaction. Foreign currency on a plastic card can be used to purchase tickets, transferring money to foreign bank accounts to pay for treatment, education, and other non-commercial purposes, the report said. The report noted that these measures are taken "in order to further enhance the status of the national currency as the only legal means of payment in the territory of Uzbekistan and unconditional implementation of international standards on countering legalizing profits gained by criminal means and improve the mechanism of the foreign exchange transactions." Comments of the Central Bank regarding Bank.uz's report are currently unavailable. Do you have any feedback? Contact our journalist at agency@trend.az