Uzbekistan Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in uzbekistan, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

The most common methods of payment for businesses in Uzbekistan are telegraphic transfer and letters of credit. Customers can open Visa, Mastercard, and China Union Pay cards at local banks for international payments and travel and use local cards UzCard and Humo for payments in the national currency. The cooperation of UzCard and Humo with Visa, Mastercard, and China Union Pay led to their convergence through the issuance of co-badged cards (UzCard-Mastercard, UzCard-Union Pay, Humo-Visa, Humo-Mastercard, Humo-Union Pay) which can be used for both local and international payments. In 2021, Uzcard and Humo signed a memorandum of cooperation to integrate their infrastructures so that their terminals will start to accept both types of cards. The integration was completed in 2023. Ahbor-reyting is a local credit rating agency, but all companies, which want to be taken seriously, seek credit ratings from Moody’s, Fitch Group, and S&P Global Ratings.  

For more information about methods of payment or other trade finance options, please read the Trade Finance Guide.  

Banking Systems

There are 35 commercial banks in Uzbekistan: 9 banks with state capital, 18 private banks and 8 banks with foreign capital. The total number of branches of banks throughout the country is 376. The banking system in Uzbekistan remains closely controlled by the state through a complex set of regulatory actions, decrees, proclamations, and practices. Most banking assets remain in state-owned or controlled banks, and most loans are directed or channeled by the government to develop certain pre-selected industry sectors. The current state of the banking system limits the role banks can play as financial intermediaries, thus inhibiting the ability of citizens or private companies to obtain credit and other banking services. A large-scale reform program for the banking industry was announced in 2020 with a target of privatizing 60% of the banking industry by 2025, but today 65% of the industry is still owned by the state. See Market Opportunities for additional information on the banking sector.

Foreign Exchange Controls

Uzbekistan adopted Article VIII of the IMF’s Articles of Agreement in October 2003 and, thus, committed to currency convertibility for current account transactions. However, full implementation of the country’s obligations under this article only began in 2017, when the Government of Uzbekistan eliminated the difference between the artificially low official rate and the black-market exchange rate, and formally allowed unlimited non-cash forex transactions for businesses.  

Formally, foreign investors are guaranteed the ability to transfer funds in foreign currency into and out of Uzbekistan without limitation, provided they have paid all taxes and other financial obligations in accordance with legislation. Local authorities may stop the repatriation of a foreign investor’s funds in cases of insolvency and bankruptcy, criminal acts by the foreign investor, or when directed by arbitration or a court decision.

The Central Bank’s foreign exchange policy is now market based, although the Central Bank will still smooth out sharp exchange rate fluctuations that arise from short-term mismatches between supply and demand. Further development plans for the foreign exchange market include gradually allowing exchange rate fluctuations in a wider band, and introducing currency swaps, options, futures, and other financial instruments. The Central Bank has recently accepted IMF recommendations to increase exchange rate flexibility to respond to market conditions and absorb external shocks.

U.S. Banks and Local Correspondent Banks

The National Bank of Uzbekistan (NBU) and Sanoat Qurilish Bank (Industrial Construction Bank, aka UzPromStroyBank) have correspondent relations with Citibank and JP Morgan Chase Bank; KDB Bank Uzbekistan and Ipoteka-bank have correspondent relations with JP Morgan Chase Bank; NBU, Agrobank, KDB Bank Uzbekistan, HamkorBank, OrientFinansBank, Ipak Yuli Bank, Asia Alliance Bank, Tenge Bank Uzbekistan have correspondent relations with Bank of New York Mellon. Only JP Morgan Chase and Citibank have so far established a representative office in Uzbekistan. The U.S. Exim Bank does not have any credit lines in Uzbekistan’s banks but supports U.S. exporters if they meet its requirements. 

For additional information, visit the U.S. Department of State Investment Climate Statements.

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