Description

The Law of the Republic of Uzbekistan "On Banks and Banking Activities" establishes the legal framework for the functioning of banks and financial institutions in Uzbekistan. It outlines the principles of banking, including the roles and responsibilities of commercial banks, the rights of depositors and borrowers, and the regulatory oversight of banking activities by the Central Bank of Uzbekistan. The law governs the creation, management, and operations of banks, ensuring transparency, stability, and protection of public interests in the financial system. It also covers the legal procedures for lending, deposit services, and the supervision of banking operations, promoting a sound banking environment conducive to economic growth and financial stability in the country.