Uzbekistan mulls limits on cash transactions in transition to cashless economy

By Tawney Kruger in Tashkent February 22, 2024

Uzbekistan is aiming to transition towards a cashless economy by introducing limits on cash transactions. Cash payment limits of up to 300 BCUs or Uzbekistani som (UZS) 100mn (roughly $8,000) could be introduced from April 1. 

A set of strategic reforms, including the reduction of cash usage, were presented to President Shavkat Mirziyoyev on February 13.

It is proposed to transition to cashless payments transactions for certain goods, such as sugar, automobile tyres, construction timber, sheet iron, reinforcement bars (rebar), and aluminium profiles. 

New regulations for retail and wholesale trading will be established to facilitate the transition.

Another proposal is for the procedure for registering goods purchased with cash to be entered within the E-aktiv (E-Ombor) system. To enhance tax administration, meanwhile, there are plans to mandate the use of electronic payment systems for various entities, including budget organisations, legal entities selling oil and gas products, legal entities renting out property and construction organisations selling housing to individuals. 

In December, Minister of Economy and Finance Jamshid Kuchkarov reported on a draft resolution aimed at combatting the shadow economy. It framed a proposal to make it mandatory for certain transactions to be conducted with bank cards.

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