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Finance · Regulation

Central Bank of Uzbekistan Law 2026: What the Senate Considered on 2 October

On 2 October 2026 the Senate considered a law on improving the activities of the Central Bank of Uzbekistan; according to Gazeta.uz's report of 2 October 2026, senators approved it. According to Gazeta.uz's account, some Central Bank acts will be registered within 10 working days and brought into force without the three-month delay, and the requirement to coordinate them with the Chamber of Commerce and Industry will be abolished. As of 2 October 2026 the text of the law is not on lex.uz.

· 6 min read · Sogdium Editorial
A miniature matte column on a light table, approached by a long winding path of light tiles and a short straight path of turquoise ones

In brief: The 2026 law on the Central Bank of Uzbekistan is the law "On introducing additions and amendments to certain legislative acts of the Republic of Uzbekistan in connection with further improving the activities of the Central Bank" (our translation; in Uzbek on the Senate's Telegram channel: "Oʻzbekiston Respublikasi Markaziy banki faoliyati yanada takomillashtirilishi munosabati bilan Oʻzbekiston Respublikasining ayrim qonun hujjatlariga qoʻshimcha va oʻzgartirishlar kiritish toʻgʻrisida"). The Senate considered it at its 20th plenary session on 2 October 2026 (Senate, 2 October 2026); according to Gazeta.uz's report of 2 October 2026, senators approved the law. According to Gazeta.uz's account, some of the Central Bank's regulatory acts will be registered under a simplified procedure within 10 working days and brought into force without the three-month delay, and the mandatory coordination of drafts with the Chamber of Commerce and Industry will be abolished. The signed text of the law is not on lex.uz: a lex.uz search for the words "Central Bank" (in Russian) on 2 October 2026 did not find it.

What is known about the law: status as of 2 October 2026

StageDateSource
The Legislative Chamber passed in first reading the bill on improving the Central Bank's activities (according to Spot's account, with the same provisions on inspections by Senate decision and simplified coordination)report of 13 May 2026Spot (uz), 13 May 2026, citing the lower chamber's press service
The Senate considered the law at its 20th plenary session2 October 2026Senate Telegram channel, 2 October 2026
The Senate approved the law2 October 2026Gazeta.uz, 2 October 2026
Signature by the President and official publicationno text on lex.uz as of 2 October 2026lex.uz search for the words "Central Bank" (in Russian), 2 October 2026

Neither the Senate's Telegram channel nor Gazeta.uz, in their publications of 2 October 2026, give the date on which the lower chamber passed the law in its final reading. The date the law takes effect will be set by its final text.

According to Gazeta.uz, the amendments are made to four laws: "On the Central Bank," "On guarantees of freedom of entrepreneurial activity," "On the Chamber of Commerce and Industry" and "On normative legal acts."

What the law provides for (according to Gazeta.uz's account)

The text of the law is not on lex.uz as of 2 October 2026, so the provisions below are as retold by Gazeta.uz on 2 October 2026 following the Senate discussion:

  • Registration of Central Bank acts with the Ministry of Justice. At registration, they will be checked only for compliance with the Constitution and laws.
  • Simplified registration: 10 working days. For certain acts, subject to a positive opinion from the Central Bank's legal department. According to Gazeta.uz's account, these include acts on prudential standards for credit institutions, corporate governance and internal audit of banks, risk management of banks and banking groups, household debt burden, as well as on monetary policy, preventing a systemic financial crisis and mitigating its consequences, and regulating payments and payment systems.
  • No three-month delay. For Central Bank acts that have gone through simplified registration, the rule that they take effect no earlier than three months after publication will not apply.
  • No coordination with the CCI. Mandatory coordination of draft Central Bank acts with the Chamber of Commerce and Industry is abolished; according to Gazeta.uz, dropping mandatory coordination with the business ombudsman was mentioned during the Senate discussion.
  • Inspections of the Central Bank. Inspections of the Central Bank itself, its regional main departments and subordinate organizations will be carried out on the basis of a Senate decision or in cases expressly provided for by law.

The three-month delay: what applies now

The rule from which, according to Gazeta.uz's account, the law makes an exception for some Central Bank acts is currently set out in two laws.

  • Law "On normative legal acts" (Law No. ZRU-682 of 20 April 2021, in force from the day of official publication, 20 April 2021; current version on lex.uz dated 14 August 2026), Article 40: "Normative legal acts that complicate the procedure for carrying out entrepreneurial activity and impose new obligations on business entities, as well as establish new measures of their liability, take effect no earlier than three months from the day of their official publication" (translated from Russian).
  • Law "On guarantees of freedom of entrepreneurial activity" (as amended by Law No. ZRU-328 of 2 May 2012, in force from the day of official publication; on lex.uz as of 2 October 2026 the latest version in force is dated 25 December 2025, and a version dated 18 November 2026 is also posted), Article 18¹ (introduced by Law No. ZRU-381 of 11 December 2014): "Legislative acts that complicate the procedure for carrying out entrepreneurial activity and impose new obligations on business entities, as well as establish new measures of their liability, take effect no earlier than three months from the day of their official publication" (translated from Russian).
  • Law "On the Central Bank of the Republic of Uzbekistan" (as amended by Law No. ZRU-582 of 11 November 2019, in force from the day of official publication, 12 November 2019; current version on lex.uz dated 25 July 2026), Article 9: "Normative legal acts of the Central Bank take effect from the day of their official publication, unless a later date is specified in the acts themselves" (translated from Russian).

Mandatory coordination with the Chamber is set out in the law "On the Chamber of Commerce and Industry of the Republic of Uzbekistan" (as amended by Law No. ZRU-483 of 9 July 2018, which took effect three months after publication on 10 July 2018; current version on lex.uz dated 17 March 2026), Article 22: "Draft normative legal acts on matters directly or indirectly affecting the conduct of entrepreneurial activity are subject to mandatory coordination with the Chamber" (translated from Russian).

Independence and accountability of the Central Bank: what is already in the law

The current law "On the Central Bank" (as amended by Law No. ZRU-582 of 11 November 2019; current version on lex.uz dated 25 July 2026) already contains both provisions that Gazeta.uz refers to in its report of 2 October 2026:

  • Article 3: "The Central Bank makes decisions within its powers and functions independently of other bodies of state power and administration" (translated from Russian);
  • Article 8: "The Central Bank is accountable to the Senate of the Oliy Majlis of the Republic of Uzbekistan" (translated from Russian).

Deputy Chairman of the Central Bank Sanjar Nosirov, as retold by Gazeta.uz on 2 October 2026, told the Senate that the Central Bank's autonomy in adopting regulatory acts (his answer concerned the abolition of mandatory coordination) is already provided for by law, and that the new provisions are meant to further entrench this principle and remove legal uncertainty.

What was said in the Senate and by the Central Bank

  • Purpose. Erkin Gadoev, Chairman of the Senate Committee on Budget and Economic Affairs, as retold by Gazeta.uz (2 October 2026), described the purpose of the changes as more effective implementation of monetary policy, banking supervision and regulation of payment systems, as well as prompt response to emergencies in the financial market.
  • Protecting business. Asked by a senator whether abolishing the coordination would weaken the protection of entrepreneurs, Sanjar Nosirov replied: "Abolishing this coordination will not lead to interference in entrepreneurial activity and will not have a negative impact on protecting the interests of entrepreneurs" (translated from Russian; Gazeta.uz, 2 October 2026). Before that, as retold by the outlet, he noted that banks and financial organizations are themselves business entities but play a special role in reallocating financial resources and, in his words, their regulation requires a special approach.
  • FSAP. According to Gazeta.uz, the law was drafted taking into account the recommendations of the IMF and the World Bank following the Financial Sector Assessment Program (FSAP); according to Nosirov, the assessment was carried out from late 2024 through 2025 and was the first comprehensive assessment of its kind in Uzbekistan's history. On the significance of the assessment for investors, he said: "For such investors operating internationally, the results of the FSAP assessment and how well our system meets international standards are very important" (translated from Russian; Gazeta.uz, 2 October 2026).

What this means for bank customers and borrowers

According to Gazeta.uz's account of 2 October 2026, the law includes household debt burden and the regulation of payments and payment systems among the areas covered by the simplified procedure: Gazeta.uz writes that certain regulatory decisions in these areas, as well as in banking supervision and financial stability, could be introduced without the mandatory three-month delay.

On 29 September 2026 the Central Bank put out for discussion (until 9 October 2026) draft anti-fraud requirements for banks and payment organizations (our analysis: "Central Bank of Uzbekistan anti-fraud requirements"). Neither the Senate's report nor the Gazeta.uz article of 2 October 2026 says whether it or other drafts will be registered under the simplified procedure. The regulator's strategic plans are covered in our piece on the Central Bank's fintech strategy to 2030.

FAQ

What did the Uzbek Senate consider regarding the Central Bank on 2 October 2026? On 2 October 2026 the Senate considered the law on improving the activities of the Central Bank (Senate Telegram channel), and Gazeta.uz reported its approval the same day. According to Gazeta.uz's account, the law introduces simplified registration for some Central Bank acts, exempts them from the three-month delay rule and abolishes mandatory coordination with the CCI.

When will the Central Bank of Uzbekistan law take effect? The effective date will be set by the final text of the law, which is not on lex.uz as of 2 October 2026 (search for the words "Central Bank" in Russian). The Senate considered the law on 2 October 2026, and Gazeta.uz reported its approval the same day.

What is simplified registration of Central Bank acts? According to Gazeta.uz's account of 2 October 2026, it is registration of certain Central Bank acts with the Ministry of Justice within 10 working days, subject to a positive opinion from the Central Bank's legal department. Among such acts, the outlet lists acts on prudential standards, bank risks and internal audit, household debt burden, monetary policy and payment systems.

Will new Central Bank requirements take effect immediately? According to Gazeta.uz's account of 2 October 2026, Central Bank acts that have gone through simplified registration will not be subject to the rule that they take effect no earlier than three months after publication. That rule is currently set out in Article 40 of the law "On normative legal acts" (Law No. ZRU-682 of 20 April 2021, lex.uz version of 14 August 2026) and Article 18¹ of the law "On guarantees of freedom of entrepreneurial activity"; under Article 9 of the Central Bank law, Central Bank acts themselves take effect from the day of publication unless a later date is specified in them.

On what basis will the Central Bank be inspected? According to Gazeta.uz's account of 2 October 2026, inspections of the Central Bank, its regional main departments and subordinate organizations will be carried out on the basis of a Senate decision or in cases expressly provided for by law. The Central Bank's accountability to the Senate is already set out in Article 8 of the current Central Bank law (lex.uz version of 25 July 2026).

Will abolishing coordination with the CCI weaken business protection? Deputy Chairman of the Central Bank Sanjar Nosirov, answering this question in the Senate, said that abolishing the coordination would not have a negative impact on protecting the interests of entrepreneurs (Gazeta.uz, 2 October 2026). As retold by the outlet, he also said that banks and financial organizations play a special role in reallocating financial resources, so their regulation requires a special approach. Mandatory coordination is currently provided for by Article 22 of the law on the Chamber of Commerce and Industry (lex.uz version of 17 March 2026).

Sources

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