The law amends 4 acts, on the Central Bank, on guarantees of the freedom of entrepreneurial activity, on the Chamber of Commerce and Industry and on normative legal acts. Erkin Gadoev, who chairs the Senate’s budget and economy committee, presented it as a tool for monetary policy, banking supervision, the regulation of payment systems and a faster response to emergencies on the financial market.
The bank’s independence from other state bodies and its accountability to the Senate were already in the law on the Central Bank. From that the new text draws the consequence: checks of the bank, its regional directorates and its subordinate organisations will be held on a Senate decision or in cases the legislation names directly, and the justice ministry, when it registers the bank’s acts, will test them only against the Constitution and the laws.
The law amends 4 acts, on the Central Bank, on guarantees of the freedom of entrepreneurial activity, on the Chamber of Commerce and Industry and on normative legal acts.
A simplified registration of 10 working days, on a positive opinion from the bank’s own legal service, applies to acts on prudential norms for credit organisations, corporate governance, internal audit and risk management in banks and banking groups, household debt loads, monetary policy, the prevention of a systemic crisis and payments. Those acts also leave the general rule that measures complicating business take effect no earlier than 3 months after publication.
A senator asked whether dropping the chamber’s and the ombudsman’s consent would weaken the protection of entrepreneurs. Deputy chairman Sanjar Nosirov answered that banks are businesses too, with a particular role in moving money between the state, households and firms. The change “will not lead to interference in entrepreneurial activity and will not negatively affect the protection of entrepreneurs’ interests”, he said.
Nosirov tied the law to the Financial Sector Assessment Program the IMF and the World Bank ran in late 2024 and 2025, the first such assessment in Uzbekistan’s history, and said foreign investors read FSAP results when they size up a banking market. The same sitting approved a new law on the Constitutional Court and life imprisonment for sexual crimes against children under 14, Gazeta.uz’s headlines said.
From here the law goes to the president for signature. The first act registered under the 10-day rule will show how the new route works, and the rate decision due on 28 October is the first monetary-policy act that could take it.