The authorized capital of the Central Bank of Uzbekistan will be increased by 500 times from the current 2 billion to 1 trillion soums, the press service of the Senate of Oliy Majlis reports.

Corresponding changes are provided for in the draft law “On Amendments and Addenda to the Law of the Republic of Uzbekistan On the Activities of the Central Bank”.

The law also improves the audit process. In particular, the establishment of an internal and external audit of the Central Bank. Internal audit is carried out by the authorized body once a year, and external audit is carried out annually by independent audit organizations in accordance with international standards.

The parliamentarians also prepared a draft law “On Amendments and Addenda to the Law of the Republic of Uzbekistan On Banks and Banking Activities”, according to which the minimum authorized capital of banks for banking activities is set at 100 billion soums.

The document improves the procedure for giving prior permission to establish a bank, buying bank shares without permission from the Central Bank. It also provides measures to prevent corruption and conflict of interest, to ensure compliance with the rules of ethical conduct of bank employees.

It is noted that the bills have already been adopted by the Legislative Chamber and sent to the Senate.