On 15 June 2026, Uzbekistan adopted the amendments to the Regulation of the Central Bank of Uzbekistan “On the Procedure for Conducting Separate Currency Transactions Related to Capital Movements”. No.2536 (Regulation No. 2536-3), governing cross-border capital movement transactions. The amendments will take effect on 17 September 2026.
Key changes include:
1.Extended definition of capital movement transactions.
Definition of the ‘capital movement transactions’ subject to currency control has been broadened to cover transactions “involving the acquisition or sale of exclusive intellectual property rights”. As a result, IP-related cross-border transactions will now fall within the scope of the currency control framework.
2.Increased annual limits for outbound investment activities
Currently outbounds investments exceeding USD 10,000 in foreign subsidiaries and branches may only be made on the basis of a Presidential or Cabinet of Ministers decree, or an international treaty (presumably referring to the investment by a specific company in a specific country). This restriction in practice significantly limited the ability of Uzbek companies to establish legal presence abroad.
New Regulation No. 2536-3 increases such limit for the following:
a) For contributions to the charter capital (equity participation) of foreign companies and the establishment of branches, representative offices and trading houses abroad (within one calendar year):

• up to USD 200,000 for enterprises without state participation; and
• up to USD 100,000 for enterprises with state participation.

b) For replenishment of working capital of foreign branches and representative offices:

• up to USD 100,000 for enterprises without state participation; and
• up to USD 50,000 for enterprises with state participation.

c) For contributions to the charter capital or acquisition of an equity interest in foreign companies (within one calendar year):
·  up to USD 10,000 for individuals.
Individuals may fund foreign brokerage and investment accounts only through licensed investment intermediaries.
For operations exceeding the above thresholds, a Presidential or Cabinet of Ministers decree remains required. Notably, the previous alternative of an international treaty has been removed, which clarifies the applicable procedure.
3.Special rule for United States
For reference, effective January 2026, the outbound investment limits described above do not apply to transfers of funds or investments into the charter capital of foreign enterprises and branches located in the United States.
4.Reporting
Residents are required to submit quarterly reports on their foreign investment activities, and procedures have been established for amending transaction documents and transferring transaction administration between servicing banks.