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.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Net income at Freedom Holding Corp more than doubles in fiscal 2026
Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international ... more
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more