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Legal status, goals, functions, values and mission

Update date:  31 May 2022, 11:19

Legal status

In accordance with Article 3 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the Central Bank is a legal entity, which is the exclusive property of the state and carries out its expenditures from its own revenues. The Central Bank, within the limits of its powers and responsibilities, makes decisions independently of other bodies of state power and administration.

In accordance with Article 4 of the Law of the Republic of Uzbekistan "On Banks and Banking activities", the Central Bank of the Republic of Uzbekistan is a state body that regulates the banking sector and exercises the powers of licensing, regulation and prudential supervision.


Goals

In accordance with Article 5 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the main objectives of the Central Bank's activities are to ensure:

  • price stability;

  • banking system stability;

  • the functioning of payment systems.

Tasks

In accordance with Article 12 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" the Central Bank:

  • develops and implements monetary policy, including exchange rate policy;

  • conducts monitoring, analysis and forecasting of the inflation rate in the Republic of Uzbekistan, publishes relevant materials and statistical data;

  • carries out the formation and publication of banking, monetary and credit statistics, statistics of the external sector, including the balance of payments, international investment position, external debt and reserve assets of the Republic of Uzbekistan;

  • annually submits to the Government of the Republic of Uzbekistan information on economic and financial issues containing recommendations for the preparation of the draft State budget;

  • organizes cash circulation;

  • performs currency regulation and currency control;

  • regularly sets the exchange rate for the purposes of accounting, statistical and other reporting on currency transactions, as well as for the calculation of customs and other mandatory payments on the territory of the Republic of Uzbekistan;

  • performs state registration of banks and credit bureaus;

  • licenses the activities of banks, micro-credit organizations, pawnshops, payment organizations, payment system operators, currency exchanges, credit bureaus and the production of securities forms, as well as regulates and supervises the activities of credit organizations, payment organizations, payment system operators, currency exchanges, credit bureaus and banking groups;

  • carries out independently or on behalf of the Government Of the Republic of Uzbekistan banking operations and other transactions necessary to perform the functions of a fiscal agent of the Government;

  • takes measures to ensure the stability of the functioning of payment systems in the Republic of Uzbekistan;

  • monitors and controls compliance by organizations licensed by the Central Bank with the rules of internal control and the procedure for providing information related to countering the legalization of proceeds from criminal activity, financing of terrorism and financing the proliferation of weapons of mass destruction to a specially authorized state body;

  • is the depository of funds of the International Monetary Fund in the currency of the Republic of Uzbekistan, carries out operations and transactions, including those provided for by international treaties of the Republic of Uzbekistan;

  • takes measures to ensure the protection of the rights and legitimate interests of consumers of credit institutions, increase the availability of financial services and the level of financial literacy of the population and business entities;

  • manages, records and stores the international reserves of the Republic of Uzbekistan, including the reserves of the Government of the Republic of Uzbekistan under the agreement.


Values

Purpose

The purpose is to understand the importance of working in the Central Bank and to share the strategic goals of the Central Bank;

Working in the central bank is an understanding of service to society and the state;

This is a sense of belonging to the achievement of the strategic goals of the Central Bank;

Purpose is the ability to innovate in one's work

To accomplish a task means continuous development, self-improvement, and maturity.


Responsibility

Responsibility is the readiness to fulfill all the promises made and the tasks assigned to them at a high level;

Responsibility is the ability to make decisions not only for oneself but also for the team in complex situations;

Responsibility is not a mistake, it is a stated trust. Responsibility includes self-accountability, the ability to act within the framework of ethical norms for the benefit of the Central Bank, the community and oneself;

Responsibility is the understanding that an individual is a factor influencing the outcome of decisions or actions.


Teamwork

It is the notion that "we are all united in a common goal and work together to achieve it";

Teamwork is our confidence that we can mobilize all our forces and work as a single coordinated mechanism when complex issues arise;

Caring for team members. Concerned about the impact of this or that decision on team members;

This is the notion that "a strong team is the key to our success";

These are support for colleagues, solidarity, readiness for mutual assistance, a sense of "shoulder to shoulder" colleagues;

In the success of the central bank, it is a matter of pride to be a member of its team.



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