The Cabinet of Ministers issued Dec 24 resolution creating the Unified International Money Transfers payment system at the processing center of the National Bank of Uzbekistan, which will act as its operator, Norma.uz reported.
The Resolution has outlined that:
- money transfers between individuals from overseas to Uzbekistan will be carried out at mutually beneficial rates of Uzbek banks at the request and voluntary choice of individuals along with other payment systems and through the Unified cross-border money transfers system;
- The National Bank of Uzbekistan performs the function of a settlement bank for international transfers through the payment system;
- "Asia-Invest Bank" (Moscow) will be one of the settlement banks in Russia for transfers made through the payment system.
Uzbek commercial banks, when providing banking services for international money transfers, are recommended to use the Unified International Money Transfers payment system along with other payment systems.