The Senate of Uzbekistan’s Oliy Majlis approved a law on October 2 that changes how Central Bank regulations are adopted. Certain documents, from prudential standards to payment system rules, will now be registered in 10 working days without mandatory approval from the Chamber of Commerce and Industry and the business ombudsman. This was reported by gazeta.uz, citing a report by Erkin Gadoev, chairman of the Senate Committee on Budget and Economic Issues.
What exactly is changing
The law cements the principle that the Central Bank makes decisions within its mandate independently of other government bodies, while remaining accountable to the Senate. This leads to a new inspection procedure for the regulator itself: inspections will now occur by Senate decision or in cases explicitly stated in legislation, rather than at the arbitrary initiative of other agencies.
The registration of Central Bank regulations at the Ministry of Justice is also changing. Registration will only verify compliance with Uzbekistan’s Constitution and laws. A simplified regime is introduced for specific document categories: registration within 10 working days given a positive conclusion from the Central Bank’s own legal department.
The simplified procedure covers documents related to prudential standards for credit institutions, requirements for corporate governance and internal audit of banks, risk management of banks and banking groups, and regulation of household debt burdens. It also includes acts on monetary policy, systemic financial crisis prevention, and the regulation of payments and payment systems. This is a broad yet specific list: the law does not give the Central Bank a blank check for everything, but highlights the regulatory blocks where decision speed is critical for supervision and market stability.
Simultaneously, the law abolishes the mandatory approval of draft Central Bank regulations by the Chamber of Commerce and Industry. During the Senate discussion, the removal of approvals from the business ombudsman was also addressed. Senators directly asked the regulator’s representative if this would weaken the protection of entrepreneurs’ interests. Central Bank Deputy Chairman Sanjar Nosirov replied that banks and financial organizations are themselves business entities, but they simultaneously play a special role in redistributing resources among the state, the public, and businesses, so their regulation requires a separate approach. “Abolishing this approval will not lead to interference in entrepreneurial activity and will not negatively impact the protection of entrepreneurs’ interests,” he stated at the Senate meeting.
The third element of the package concerns timelines. Currently, acts that complicate business operations, introduce new duties, or impose liability measures on entrepreneurs must take effect no earlier than three months after publication. This rule will not apply to Central Bank regulations undergoing simplified registration. This means specific regulator decisions regarding banking supervision, financial stability, household debt, and payment systems can take effect immediately after registration, without the standard pause.
Where the amendments came from
Nosirov said the changes rely on recommendations from the Financial Sector Assessment Program (FSAP). According to him, this comprehensive assessment was conducted in Uzbekistan for the first time in the country’s history, in late 2024 and throughout 2025. International organizations analyzed the effectiveness of ongoing reforms and their compliance with international standards, resulting in a report with recommendations. The Central Bank deputy chairman linked the implementation of these recommendations to the banking sector’s investment appeal: “For such investors operating internationally, the FSAP assessment results and how well our system meets international standards are very important.” He noted that clarifying the inspection procedures for the Central Bank and simplifying the adoption of its regulations stem directly from the FSAP recommendations and should improve banking supervision efficiency.
Why it matters
Currently, any new banking standard in Uzbekistan goes through external approvals and a three-month pause before taking effect. Following the approved amendments, the regulator will be able to introduce some of these decisions, including capital requirements, risk management, and payment system rules, without these two filters.
Uzbekistan’s banking supervision gains a rapid response tool, but the market faces one less external barrier before a new rule applies. This works logically in crisis scenarios when the regulator needs to quickly close a regulatory gap. However, this same speed means banks and payment systems will have less time to prepare for new requirements, and business associations will have fewer formal opportunities to influence a standard’s content before it takes effect.
The meeting materials contain no comments from banks or fintech companies on how they view the accelerated procedure.