In order to ensure the implementation of the resolution of the President of the Republic of Uzbekistan of December 5, 2019, No. RP-4544 «On measures to further improve the system of public procurement of the Republic of Uzbekistan and wider involvement of business entities in the public procurement process», and in order to ensure efficient management of foreign exchange funds of budgets of the budget system of the Republic of Uzbekistan, the Cabinet of Ministers declares the following:

1. It has been decided that:

transactions of budget organizations and state trust funds in foreign currency shall be carried out by the Treasury of the Ministry of Finance of the Republic of Uzbekistan through the treasury-based execution;

Treasury of the Ministry of Finance of the Republic of Uzbekistan shall open separate treasury accounts in foreign currency for budget organizations and state trust funds;

it is prohibited for budget organizations and state trust funds to open bank accounts in foreign currency in commercial banks, except in cases provided by decrees, resolutions and orders of the President of the Republic of Uzbekistan, resolutions of the Cabinet of Ministers, as well as cases related to state secrets or other secrets protected by law.

2. To approve the Regulation, as provided in the appendix, on the procedure for treasury-based execution of funds of budgets of the budget system of the Republic of Uzbekistan in foreign currency, which includes the following:

establishment of the procedure for carrying out transactions of budgets of the budget system in foreign currency through treasury-based execution;

efficient management of foreign currency funds of budgets of the budget system;

collection of data, accounting and reporting on foreign exchange transactions of budgets of the budget system through the public financial management information system;

implementation of monitoring of targeted use of foreign currency funds of budgets of the budget system through the use of modern information technology.

4. The Deputy Prime Minister of the Republic of Uzbekistan for financial, economic and poverty reduction issues — Minister of Economic Development and Poverty Reduction, D.A. Kuchkarov, shall be responsible for oversight over the implementation of this Resolution.

1. This Regulation establishes the procedure for treasury-based execution of funds in foreign currency of budgets of budget system of the Republic of Uzbekistan (further — budgets of the budget system).

2. The following basic concepts are used in this Regulation:

customer — budgetary organizations, state trust funds, and recipients of budgetary funds;

Information system — the information system of the Ministry of Economy and Finance of the Republic of Uzbekistan designed for the comprehensive automation of the budget process of the budgets of the budget system, including the reflection of operations related to the execution of the budgets of the budget system;

SS "UzASBO" — software system designed for comprehensive automation of budget accounting and reporting by budget organizations;

Single treasury account in foreign currency (hereinafter — STAFC) — a special bank account opened by the Treasury of the Ministry of Finance of the Republic of Uzbekistan (hereinafter — the Treasury) in the Central Bank of the Republic of Uzbekistan for treasury-based execution of foreign currency transactions of budgets of the budget system;

system of transactions in foreign currency — the system of transactions of budgets of the budget system executed through the information system with the use of STAFC;

transactions of the Ministry of Finance in foreign currency — repayment of external debt and payments under state guarantees, payment of membership fees to international organizations, sale and purchase of foreign currency, management and depositing of funds in foreign currency, allocation of budget loans and subsidies and opening of credit lines in accordance with the resolutions of the President and the Cabinet of Ministers of the Republic of Uzbekistan, transactions related to allocation of funds from the reserve fund of the Cabinet of Ministers of the Republic of Uzbekistan in accordance with the orders of the Cabinet of Ministers of the Republic of Uzbekistan.

3. This Regulation shall apply, in accordance with the legislation, to the budgets of the budget system covered by the treasury-based budget execution.

4. This Regulation shall not apply to certain transactions specified in decrees, resolutions and orders of the President of the Republic of Uzbekistan, resolutions of the Cabinet of Ministers, as well as other transactions related to state secrets or other secrets protected by law, and these transactions shall be executed in the manner prescribed by law.

5. Separate STAFC shall be opened for each foreign currency.

6. Funds of budgets of the budget system in foreign currency shall be serviced by the Treasury through the use of STAFC in the form of receipt of funds in foreign currency, making payments, and account keeping (hereinafter — foreign currency transactions).

7. Information exchange between the information systems of the Ministry of Finance of the Republic of Uzbekistan (hereinafter — the Ministry of Finance) and the Central Bank of the Republic of Uzbekistan (hereinafter — the Central Bank) shall be carried out with the use of electronic digital signatures.

8. Opening and closing of separate treasury accounts in foreign currency (hereinafter — STA) on receipts in the prescribed manner to receive payments in foreign currency to be transferred to budgets of the budget system in accordance with the legislation, shall be carried out by the Treasury.

9. Receipts (funds) of customers in foreign currency shall be credited to STAFC and reflected in STA.

10. Expenditures (payments) of customers in foreign currency shall be executed by the Treasury and its territorial departments through the information system from STAFC within the limits of STA balances.

Funds of customers in STA shall be used in accordance with contracts on import of goods and services concluded by them.

11. Accounting of foreign currency transactions of the Ministry of Finance shall be carried out in separate STA opened by the Treasury for each respective foreign currency.

12. Foreign currency transactions of the Ministry of Finance shall be carried out by the Treasury.

13. Conversion of foreign currency or national currency funds of the Ministry of Finance into national currency or foreign currency and also payments shall be carried out on the basis of requests and payment orders submitted by the Treasury to the Central Bank.

14. Payments of organizations under loans and credits of international financial institutions and financial institutions of foreign governments obtained on the guarantees of the Government of the Republic of Uzbekistan shall be transferred to the relevant STAFC of the Treasury in accordance with the repayment schedule.

15. In order to ensure the fulfillment of government guarantees provided by the Republic of Uzbekistan, payments on repayment of loans and credits from international financial institutions and financial institutions of foreign governments shall be made by the Treasury at the expense of funds in STAFC.

16. In order to ensure the efficient use of free funds of the Ministry of Finance in STA, foreign currency funds may be deposited by the Treasury to the Central Bank.

17. Detailed information on the funds of the Ministry of Finance in foreign currency deposited to the Central Bank and their balances shall be provided on the basis of written requests of the Ministry of Finance.

18. Treasury shall, in accordance with the decisions of the President of the Republic of Uzbekistan and the Cabinet of Ministers, direct loans in foreign currency attracted on behalf of the Government of the Republic of Uzbekistan from international financial institutions and financial institutions of foreign governments:

to finance the program of development of social and industrial infrastructure of the Republic of Uzbekistan;

to finance the Investment Program of the Republic of Uzbekistan;

to on-lend to finance measures for the implementation of development programs of industries, sectors of the economy and regions.

19. Treasury shall maintain STAFC of budgets of the budget system in respective currencies through the information system based on:

applications on opening separate treasury account(s) in foreign currency in the form specified in appendix 1* to this Regulation;

applications on closing separate treasury account(s) in foreign currency in the form specified in appendix 2* to this Regulation.

Applications submitted for opening or closing SAT shall be processed within one business day from the date of submission.

In case of submission of incorrect or incomplete application on opening or closing STA, the submitted application shall be returned within one business day for elimination of the shortcomings and repeat submission along with the appropriate notification of the customer thereof.

20. Samples of signatures and seal impression card shall be issued by a customer in duplicate and in the form specified in appendix 3* to this Regulation, first at the moment of opening STA, and then for each fiscal year, at least five business days before the start of the respective fiscal year. One original copy of the card shall be submitted to the Treasury or its territorial department, and the other shall remain with the customer.

Samples of signatures and seal impression card shall be approved by the higher organization of the customer.

If the customer has no higher organization, samples of signatures and seal impression card shall be approved by the head of the customer.

21. Numbers and names of STA accounts of the customer shall be indicated on the back of the samples of signatures and seal impression card.

22. Samples of signatures and seal impression card shall include samples of signatures of the head of the customer, the chief accountant and his deputy, as well as the legal adviser or persons authorized by the head and shall be certified by the seal of the customer. If the customer does not have a legal advisor staff position, his signature is not required.

23. Samples of signatures on the samples of signatures and seal impression card must be personally hand-signed by the relevant staff members. Samples of signatures may not be placed by facsimile.

24. The right of first signature may not be delegated to the chief accountant or to other persons entitled to the second signature.

Samples of signatures and seal impression card of a customer, in the absence of the staff position of accountant, on the second signature line must contain the words "not available".

25. When persons are granted the right of temporary first or second signature, as well as in the case of temporary replacement of one of the persons authorized by the head, the card with a sample signature of the temporarily authorized person shall be drawn up in duplicate in accordance with appendix 3* to this Regulation, indicating the period of validity, and one original copy shall be submitted to the Treasury or its territorial department, and the second original copy shall remain with the customer.

26. In case of changing the seal, replacing or including new signature in the samples of signatures and seal impression card of a customer, that customer shall provide a new approved samples of signatures and seal impression card. Expired samples of signatures and seal impression cards shall be kept in the Treasury or its territorial departments.

27. Treasury or its territorial departments shall use samples of signatures and seal impression cards in the registration and accounting of financial obligations of customers, as well as in making payments by comparing the signatures and seal impressions in the respective documents with the samples of signatures and seal impressions in the samples of signatures and seal impression cards.

Heads and chief accountants of the customers shall be responsible for the authenticity of the signatures and seal impressions on the documents confirming their legal and financial obligations submitted to the Treasury or its territorial departments.

28. Customer shall submit requests for the purchase and sale of foreign currency to the Treasury and its territorial departments in the forms specified in appendixes 4* and 5* to this Regulation.

28¹. When purchasing foreign currency specified in the requests submitted by the customer, the commission fees of foreign banks shall be taken into account.

28². Funds in the amount of exchange rate differences arising from the "cross-rate" as a result of making payments for the customer's foreign currency expenses in another unit of foreign currency shall be transferred by the customer to their relevant Personal Treasury Account (PTA) within three working days.

29. On the requests submitted by customers, the Treasury or its territorial departments, within one business day, shall check: if the customers have sufficient funds in their respective STAs to cover the costs of purchasing foreign currency in the amounts specified in the submitted requests; the supporting documents for the purchase of foreign currency (contract, agreement with a foreign partner, etc.); the signatures of the authorized persons of the customers and the seal impressions against the signature samples and seal impressions provided in samples of signatures and seal impression cards of the respective customers; and, in the absence of errors, relevant requests shall be formed electronically by the Treasury.

Then, within one business day, the Treasury shall send a request for the purchase of foreign currency to the Central Bank in the form approved by the Central Bank, using an electronic digital signature.

30. Request sent by the Treasury shall be the grounds for the Central Bank to purchase foreign currency at the inter bank trading session.

31. Upon execution of the request, the Treasury and its territorial departments shall provide the customer with a copy of the request with an excerpt from the STA in accordance with appendix 6 to this Regulation.

32. In case of detection of errors in the requests returned by the Central Bank, the Treasury shall, no later than on the bank business day following the day of the detection of errors, and in the case of electronic submission, on the same day, return the requests together with the copies of the excerpts attached to them with the justification of the requirement to correct the errors therein to the customer.

33. To execute transactions of the Ministry of Finance in foreign currency, the Treasury shall form an electronic request for the purchase and sale of foreign currency and send it to the Central Bank using an electronic digital signature.

33¹. Foreign currency funds converted from budgetary funds during the current financial year but remaining unused shall be restored to the budget by the end of the financial year through conversion into national currency by reducing the cash expenditures in the relevant customer's Personal Treasury Account (with the exception of letter of credit settlements and commission fees charged by foreign banks).

34. To make payments from separate treasury accounts in foreign currency, the customer shall submit to the Treasury and its territorial departments the payment order in two copies drawn up in the form prescribed by appendix 7* to this Regulation.

35. Within one business day from the day of receipt of the payment order, the Treasury and its regional departments shall check:

signatures and seal on the payment order against signatures and seal in the samples of signatures and seal impression card;

the correctness of the payment order and the availability of sufficient funds.

In order to monitor the foreign trade operations of customers, the treasury departments, when making payments or opening a letter of credit, shall compare the data in the Unified Electronic Information System of Foreign Trade Operations (hereinafter — UEISFTO) with the terms of respective contracts.

In the absence of mismatches with the data entered by customers into UEISFTO, the treasury departments shall carry out transactions under the relevant contracts in the manner prescribed by law.

36. The payment order shall be checked by the Treasury and, in the absence of deficiencies, sent to the Central Bank using an electronic digital signature for the payment.

37. In case of non-compliance of the payment order to the requirements of paragraph 35 of this Regulation, the payment order shall be returned by the Treasury and its territorial departments to the responsible employee of the customer no later than within one business day, with the reasons for return indicated on the back side of the payment order.

38. The original copy of the payment order shall be submitted by the Treasury to the Central Bank.

An electronic payment order submitted by the Treasury shall be the grounds for making the payment.

In this case, the original copy of the payment order shall be kept in the Treasury and its territorial departments.

39. Transfer of funds from one STA to another STA shall be made based on treasury transaction memo submitted by the customer to the Treasury and its territorial departments.

40. Execution of the customer's payment orders and treasury transaction memos by the Treasury and its territorial departments shall be made no later than on the bank business day following the day of their submission.

41. Customers may send electronic payment orders and treasury transaction memos to the Treasury and its territorial departments as an electronic document formed through the relevant software.

42. When conducting transactions of the Ministry of Finance in foreign currency, the Treasury shall form an electronic payment orders for respective payments and send them to the Central Bank using an electronic digital signature.

43. If the contract, concluded in accordance with the requirements of legislation, provides for payments through letter of credit, the customer shall submit to the Treasury and its territorial departments an application for opening a letter of credit in the form specified in appendix 8* to this Regulation, in duplicate, with attached copy of the relevant contract.

44. Compliance of the application submitted by the customer for opening a letter of credit to the information in the relevant contract shall be checked by the Treasury and its territorial departments within one bank business day.

If the information is correct, an electronic document on opening a letter of credit shall be generated in the information system within one business day.

After its generation, the electronic document shall be sent by the Treasury to the Central Bank within one business day using an electronic digital signature.

45. On the basis of the application (electronic document) on opening a letter of credit submitted by the Treasury, the Central Bank shall send an application for opening a letter of credit to the relevant commercial bank through the system of the Society for Worldwide Interbank Financial Telecommunications (hereinafter — SWIFT).

Electronic document submitted by the Treasury and its territorial departments for opening a letter of credit shall be the grounds for opening a letter of credit by the Central Bank.

46. The originals of electronic documents submitted for opening a letter of credit through the information system shall be stored in the Treasury and its territorial departments.

47. Upon receipt of the information on the opening of the letter of credit in the information system, the funds specified in the application shell be transferred by the Treasury and its territorial departments from the customer's STA to the letter of credit account within one business day, and a copy of the application and a copy of the contract attached to it shall be returned by the Treasury and its territorial departments to the customer, the original shall be placed into the STA folder maintained by the Treasury and its territorial departments.

48. In case of detection of errors in the course of processing the application for opening a letter of credit by the Central Bank and commercial banks, the Treasury, not later than on the day following the day of error detection, and in case of electronic submission, on the same day, shall return (send) the application and the copy of the attached contract to the customer with the justified requirement to correct the errors.

49. Payments and monitoring of payments of customers under concluded foreign trade contracts shall be carried out in the prescribed manner.

Relevant information on the movement of funds of customers under foreign trade contracts shall be entered into the unified electronic information system of foreign trade operations by the Treasury and its territorial departments.

50. In order to monitor the foreign trade operations of customers, the Treasury and its territorial departments shall check the data in the unified electronic information system of foreign trade operations against the terms and conditions of the contracts when making payments or opening a letter of credit accounts.

51. In the absence of mismatches with the data entered by customers into the unified electronic information system of foreign trade operations, the Treasury and its territorial departments shall carry out transactions under the respective contracts in the manner prescribed by law.

Payments for brokerage fees charged by commercial banks and foreign banks for the execution of payments under foreign trade contracts and any other foreign currency payments of customers shall be made by the Treasury from the customer's STA, based on a contract.

In this regard, in cases where the relevant funds are not available in the customer's Personal Treasury Account, these expenses shall be reflected as unclassified (unidentified) expenditures of the information system and shall be reimbursed by the customer accordingly.

52. To withdraw cash, the Treasury and its territorial departments shall open in commercial banks accounts 23212 — "Funds of the Treasury of the Ministry of Finance" and 23214 — "Funds of the territorial divisions of the Treasury of the Ministry of Finance" in respective foreign currencies.

53. Withdrawal of cash from the customer's STA account and its return thereto shall be carried out in the manner prescribed by law.

54. To withdraw cash from STA, the customer shall submit to the Treasury and its territorial departments a power of attorney issued to the materially responsible person in the form specified in appendix 9* to this Regulation and the request for withdrawal of cash in foreign currency in the form specified in appendix 10* to this Regulation.

55. The Central Bank, within one business day, shall send through the SWIFT system an electronic payment order received from the Treasury to the relevant commercial bank for execution.

56. On the basis of the payment order received through the information system and in the form specified in appendix 11* to this Regulation, the Treasury and its territorial departments shall draw up a money order form and fill it out on paper.

57. Request on withdrawal of cash in foreign currency from STAFC in the Central Bank shall be certified with seal and provided to the customer by the Treasury.

Request on withdrawal of cash in foreign currency from the payable through accounts of the territorial departments of the Treasury in commercial banks shall be certified with seal and provided to the customers by the territorial departments of the Treasury.

58. Treasury and its territorial departments shall execute requests of customers on withdrawal of cash in foreign currency within two business days from the date of submission.

59. Disbursement of cash in foreign currency to the customer shall be made on the basis of the respective requests and in the manner prescribed by law: by the Central Bank — from the Treasury's STA; and by the commercial bank — from the payable through accounts of the territorial departments of the Treasury.

Inaccurate requests shall be returned not later than one business day from the day of submission. Returned requests shall be corrected and re-submitted to the bank within one business day.

60. The customer shall be personally responsible for the validity, accuracy and correctness of the data indicated in the relevant documents submitted to the Treasury and its territorial departments and in the relevant documents issued in accordance with this Regulation.

61. The Treasury shall be responsible for the validity and accuracy of the data in the documents sent by the Treasury to the Central Bank.

62. Persons guilty of violating the requirements of this Regulation shall be liable in the manner prescribed by law.