Frequently Asked Questions
Other questions 5
-
What currency units were used as a means of payment before the introduction of the national currency "sum"?
What currency units were used as a means of payment before the introduction of the national currency "sum"?
From January 1, 1991, to November 14, 1993, only rubles were used as the official currency in the Republic of Uzbekistan—banknotes of the USSR State Bank issued between 1961 and 1992, as well as banknotes of the Bank of Russia issued in 1993.
From November 15, 1993, to July 1, 1994, an interim currency, the "sum-coupon," functioned as the national currency unit.
In particular, according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 613 of December 30, 1993, "On Measures to Strengthen Cash Circulation," from January 1, 1994, the circulation of all denominations of USSR State Bank banknotes issued between 1961 and 1992 was completely prohibited, and from this date, the only legal tender in the Republic of Uzbekistan was the "sum-coupon."
By Presidential Decree No. UP-870 of June 16, 1994, "On the Introduction of the National Currency of the Republic of Uzbekistan," the "sum" was introduced as the official currency on July 1, 1994, at a conversion rate of 1,000 sum-coupons = 1 sum.
-
Regarding labor disputes
Regarding labor disputes
According to Article 22 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities," the executive body of a bank is the bank’s board, which carries out operational management and is responsible for the bank’s activities.
Regulation of labor relations, conclusion and termination of employment contracts with employees, determination of job responsibilities, and application of disciplinary measures in commercial banks and their branches in the Republic are governed by the Labor Code of the Republic of Uzbekistan, the "Internal Work Regulations" approved by commercial bank management bodies, and other internal documents.
According to Article 269 of the Labor Code of the Republic of Uzbekistan, labor disputes related to reinstatement regardless of the grounds for termination, changes in the termination date and wording, compensation for forced absence, or lower-paid work are considered directly in district (city) courts.
Currently, under Part 2 of Article 1 of the Civil Procedure Code of the Republic of Uzbekistan, any interested person has the right to apply to the court for the protection of a violated or disputed right or a legally protected interest.
-
What is the procedure for debiting funds from a client's bank account?
What is the procedure for debiting funds from a client's bank account?
According to Article 783 of the Civil Code of the Republic of Uzbekistan, debiting funds from an account is carried out by the bank based on the client’s order. Without the client's order, debiting funds from the account is allowed only by a court decision or in other cases established by the Civil Code, other laws, or as stipulated in the contract between the bank and the client.
-
How are issues arising during payment transactions regulated?
How are issues arising during payment transactions regulated?
According to the Regulation "On Non-Cash Settlements in the Republic of Uzbekistan" (Reg. No. 2465 of June 3, 2013), complaints related to banking transactions should be submitted by the client to the servicing bank for clarification. Disputes between a bank and its clients are resolved mutually under the bank account agreements. If disputes cannot be resolved by mutual agreement, they are settled in court.
-
Regarding changes to credit agreements between commercial banks and their clients
Regarding changes to credit agreements between commercial banks and their clients:
According to Article 382 of the Civil Code of the Republic of Uzbekistan, a contract may be modified or terminated by mutual agreement of the parties unless otherwise provided by the Civil Code, other laws, or the contract itself. Additionally, according to Article 384 of the same code, an agreement to modify or terminate a contract must be made in the same form as the original contract.
