In Uzbekistan, it may be allowed to purchase up to 500 dollars in currency from banks without a passport.

According to a draft regulatory legal document announced by the Central Bank of Uzbekistan, it is proposed to introduce changes to the procedure for purchasing foreign currency in cash at commercial banks.

 

The draft envisages that individuals may be allowed to purchase cash currency up to 500 US dollars from a bank without presenting a passport. According to the current procedure, this limit is 100 US dollars.

 

According to the document, it is proposed to establish that commercial banks conduct the necessary level of verification of individuals purchasing foreign currency in amounts exceeding the equivalent of 500 US dollars.

 

Furthermore, it is envisaged to introduce changes to the cases where customer due diligence requirements are applied. According to the current rules, the customer's identity must be verified when transactions are carried out without opening or using a bank account in an amount equal to or exceeding 500 times the base calculation amount. The draft put up for discussion proposes to set this threshold at 175 million soums.

 

Public discussion on this draft will continue until April 4 of this year.