Forex trading is legal in Uzbekistan, with the Central Bank of the Republic of Uzbekistan serving as the primary regulatory authority overseeing foreign exchange operations (1). The country has implemented significant liberalization measures since 2017, when the government eliminated the difference between official and black-market exchange rates and formally allowed unlimited non-cash forex transactions for businesses. This regulatory framework has created a more transparent and accessible environment for both individual and institutional forex trading activities.
The legal foundation for forex trading in Uzbekistan was further strengthened in September 2020 when new rules on foreign exchange transactions entered into force (1). These regulations simplified transfer procedures, reduced documentation requirements, and granted banks greater independence in determining forex transaction procedures. The resolution facilitates and simplifies transfer procedures and reduces certain obligations, combining relevant rules into one comprehensive act (1).
"Formally, foreign investors are guaranteed transfer of 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."
Under current regulations, Uzbekistan residents may freely buy and sell foreign currency and use funds abroad without limitations, while businesses can purchase foreign currency from commercial banks without restriction for various purposes including imports, profit repatriation, and loan repayments (2). The Central Bank maintains a market-based foreign exchange policy, though it may intervene to smooth out sharp exchange rate fluctuations caused by short-term supply and demand mismatches. Future development plans include introducing currency swaps, options, futures, and other financial instruments to further develop the forex market.
Foreign exchange brokers operating in Uzbekistan are required to obtain licenses from the Central Bank, ensuring they maintain high operational standards including proper fund management and adherence to anti-money laundering regulations. The regulatory environment continues to evolve as part of broader economic reforms, with the government committed to increasing exchange rate flexibility and enhancing the overall financial market infrastructure to support both domestic and international forex trading activities.
Source:
https://investmentpolicy.unctad.org/investment-policy-monitor/measures/3643/uzbekistan-new-rules-on-foreign-exchange-transactions-
https://www.trade.gov/country-commercial-guides/uzbekistan-trade-financing
Last updated: 31-05-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
