In accordance with the Law of the Republic of Uzbekistan On Currency Regulation all settlements and payments made in the territory of the Republic of Uzbekistan shall be made in the national currency, except for the cases provided by the legislation.
The Law specifies that the purchase and sale of foreign currency by legal entities and individuals in the territory of the Republic of Uzbekistan shall be carried out through the banks. The purchase and sale of foreign currency without the banking system shall be deemed an illegal currency transaction and bring to responsibility in accordance with the Code of the Republic of Uzbekistan on Administrative Responsibility and the Criminal Code of the Republic of Uzbekistan. At the same time, appropriate measures shall be taken by the law enforcement bodies in a due order to the persons having violated the law requirements.
In the meantime, it is hereby informed that in accordance with the Strategy of Actions for the Five Priority Development Directions of the Republic of Uzbekistan for 2017-2021 approved by the Decree No. UP-4947 of the President of the Republic of Uzbekistan On the Strategy for Further Development of the Republic of Uzbekistan of February 7, 2017, the staged implementation of advanced market mechanisms of currency regulation. At present, ministries and departments are actively working in this direction.