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New rules for capital movement transactions in the Republic of Uzbekistan

8 July 2026
On 2 June 2026, the Central Bank of the Republic of Uzbekistan adopted a resolution amending the Regulation on the Procedure for Certain Foreign Exchange Transactions Related to Capital Movements (the “Resolution”).

The Resolution will enter into force on 2 September 2026.

The most significant changes introduced by the Resolution, as well as their practical implications for outbound investments, are outlined below.


INCREASED LIMITS FOR CAPITAL MOVEMENT TRANSACTIONS


Under the new rules, annual limits have been revised for certain foreign exchange transactions related to capital movements, depending on the purpose of the transaction and the legal status of the resident.
The new limits applicable to investments in the charter capital of foreign companies, as well as the establishment of branches, representative offices and trading houses, are as follows:

  • For private companies — up to USD 200,000
  • For state-owned enterprises and their subsidiaries — up to USD 100,000
  • For individuals — up to USD 10,000 (in relation to contributions to the charter capital of, or acquisition of an equity interest in, foreign companies)

The limits applicable to the replenishment of working capital of foreign branches and representative offices are as follows:

  • For private companies — up to USD 100,000
  • For state-owned enterprises and their subsidiaries — up to USD 50,000

Transactions exceeding the established limits, or otherwise not covered by the Resolution, may be carried out only on the basis of separate resolutions of the President or the Cabinet of Ministers of the Republic of Uzbekistan.

It should also be noted that transfers of funds by individuals to fund brokerage and investment accounts abroad, including accounts of investment intermediaries in foreign currency, are permitted only through licensed investment intermediaries.

This requirement is established by Presidential Decree of the Republic of Uzbekistan No. PF-254 dated 18 December 2025 On Additional Measures to Improve the Investment Climate in the Capital Market.


PRACTICAL IMPLICATIONS


The significant increase in the annual limits for outbound investments is one of the key changes aimed at expanding the practical opportunities available to residents in carrying out capital movement transactions, while also enhancing regulatory transparency, expediting procedures and simplifying transactions accounting.

HOW BEONE CAN HELP?

We would be pleased to assist with the following:

  • Assessment of the applicability of the new requirements to the company’s activities
  • Legal support in relation to capital movement transactions
  • Preparation and review of the document package for submission to banks (including applications, agreements, apostilled and legalized documents)
  • Development and revision of the company’s internal policies and procedures relating to foreign exchange transactions, and bringing them into line with the new regulatory framework

CONTACTS


© BeOne Advisory LLC, 2026
Address: 23 T. Shevchenko Street, Mirabad District, Tashkent, 100060, Republic of Uzbekistan
www.beone-uz.com