The President of Uzbekistan has signed Law No. ЗРУ-831, amending banking legislation to raise the minimum charter capital requirements for banks. Effective September 1, 2023, banks must maintain a minimum charter capital of 200 billion soums, which will increase to 350 billion soums from April 1, 2024, and further to 500 billion soums from January 1, 2025. This increase aims to strengthen the financial stability of banks in Uzbekistan. Additionally, the law restricts legal entities and individuals from states providing preferential tax treatment or lacking transparency in disclosing ownership information from becoming founders or shareholders of Uzbek banks.
by Rohin Pujari
