September 22, 2018

Chamber of Accounts is another foreign exchange body

The Law of the Republic of Uzbekistan dated July, 23, 2018 No ЗРУ-486 “On Introduction of Changes and Amendments to the Certain Legislative Acts of the Republic of Uzbekistan in connection with the Improvement of the Activity of Certain State Bodies and Organizations” has entered amendments to number of Laws of Uzbekistan, including to the Uzbekistani Laws “On Foreign Exchange Regulation” and “On Foreign Borrowings“.

According to the above Law, the Chamber of Accounts of Uzbekistan is determined as one of the bodies of foreign exchange control, along with the Central Bank, Ministry of Finance, State Tax Committee and State Customs Committee of Uzbekistan. Accordingly, the Chamber of Accounts of Uzbekistan is now authorized to evaluate effectiveness of the sovereign foreign borrowings and exercise relevant control thereupon.