Foreign Currency Account in Uzbekistan for Business: 2026
How a company opens a foreign currency account in Uzbekistan: currencies, free conversion, no mandatory revenue sale, and how it differs from a soum account.
Last updated 2026-06-15
Ivan Karataev
Managing Partner, BizReg
MBA, ACCA, CPA · ex-KPMG, ex-CFO of NYSE-listed companies · 20+ years in US & Uzbek business
Last updated 2026-06-15 · 13 min read · ✓ Facts verified against primary sources (lex.uz, soliq.uz)
A foreign currency account in Uzbekistan is a company's account in a foreign currency for settlements with abroad; a registered legal entity opens it separately from the soum account, and since the 2017 reform there is no mandatory sale of revenue and currency converts freely at the market rate. If your business in Uzbekistan works with abroad — receiving payments from foreign clients or paying overseas contractors — a single soum account is not enough. The good news: after the 2017 liberalization, the country's currency regime became one of the friendliest in the region — there is no mandatory sale of revenue, and currency converts freely at the market rate. Let's break down how a company opens a currency account, which currencies are available, how conversion works, and how a currency account fundamentally differs from a soum account.
The essentials
- A currency account is a company's account in a foreign currency for settlements with abroad; it is opened separately from the soum account.
- There is no mandatory sale of export revenue in Uzbekistan — it was abolished by the 2017 reform.
- Currency converts freely at the market rate: the company itself decides whether to hold funds in foreign currency or exchange them for soums.
- A foreign enterprise opens a currency account on a par with local companies; a sole proprietorship (IP) is only available with residency in Uzbekistan, a non-resident usually opens an LLC.
- The exact procedure for currency operations and the document list are set by the Central Bank — verify on cbu.uz and lex.uz.
What is a foreign currency account in Uzbekistan and who needs one?
A foreign currency account is a legal entity's bank account opened in a foreign currency: most often US dollars or euros, but other currencies are possible depending on the bank's policy. In essence, it is the company's «pocket» for money that comes in and goes out beyond the borders of Uzbekistan.
Not every company needs one. If you sell goods and services only inside the country, receive payment in soums and pay local suppliers, a settlement account in the national currency is enough. A currency account becomes essential as soon as an international dimension appears in the business.
Exporting services and goods
IT companies, consulting firms and product exporters receive payment from foreign clients straight into the currency account.
Paying overseas contractors
Subscriptions, licenses, services of foreign freelancers and suppliers are paid from the currency account.
Import contracts
Purchasing equipment, raw materials or goods abroad is settled with a currency payment under the contract.
For foreign-owned business a currency account is especially important: often it is exactly the overseas revenue that is the company's main cash flow, while the parent structure or foreign clients send money in dollars or euros.
First the company and a basic account, then the currency one
A currency account is opened by an already registered legal entity, usually together with the main settlement account in soums or right after it. We covered the account-opening process in detail in a separate article — here we focus specifically on the currency part.
Currency account vs soum account: the key difference
These are two different instruments for different tasks. Confusion between them is a frequent cause of problems: a company tries to receive overseas revenue into a soum account or, conversely, to pay a local supplier from a currency account. For clarity, here is a comparison across the key parameters.
Soum account
domestic operations
- Taxes, salaries, local payments
- Settlements with residents of Uzbekistan
- Contributing the cash charter capital
- Receiving revenue from abroad
- Paying foreign counterparties
Currency account
operations with abroad
- Receiving export revenue in currency
- Paying foreign suppliers
- Servicing export-import contracts
- Converting to soums at the market rate
- Settlements with residents in currency inside the country
The key principle to remember: settlements between residents in foreign currency on the territory of Uzbekistan are prohibited (except for payments by international cards under international practice). In other words, a currency account is a «gateway» to the outside world, not a way to settle in dollars inside the country. Local operations always go through the soum account.
You usually need both accounts
Most companies with international activity need both a soum and a currency account at the same time: the first for taxes, salaries and local settlements, the second for working with abroad. They are often opened at the same bank in a single visit, but they can be opened at different banks too.
Uzbekistan's currency regime: what changed in 2017
To understand why a currency account in Uzbekistan is convenient today, you need to know the backstory. Before 2017 the currency regime was rigid: the rate was fixed by the state, conversion was difficult, and exporters were obliged to sell part of their currency revenue. This scared off foreign business.
In September 2017 the Decree on priority measures to liberalize currency policy (UP-5177) took effect. The reform radically changed the rules.
Abolition of the mandatory sale of revenue
The requirement for exporters — regardless of ownership form — to sell their currency revenue was abolished. The company manages its own currency.
Free conversion for legal entities
Legal entities gained the right to freely buy foreign currency at commercial banks for current international transactions and to freely convert soums.
Market rate
The state stopped automatically fixing the soum exchange rate — it is determined by market mechanisms rather than by directive.
Ban on internal currency settlements
Payments in foreign currency for goods and services on the territory of the country between residents are prohibited, except for operations with international cards.
Why this matters for a foreigner
The absence of a mandatory sale of revenue and free conversion mean that you genuinely control your money: you can leave revenue in dollars, send it to the parent company or convert it to soums — by your decision, not under compulsion. For export-oriented business this is critical. Accurate as of 2026-06-15, verify the procedure on cbu.uz.
Which currencies are available on a currency account in Uzbekistan and how does conversion work?
The exact list of currencies depends on the bank, but the basic set is predictable. US dollars and euros are available almost everywhere; large banks add the currencies of major trading partners.
US dollar (USD)
The most common currency for international settlements and export revenue.
Euro (EUR)
For contracts with European counterparties and settlements in the euro area.
Other currencies
Russian ruble, Chinese yuan and others — depending on the specific bank's policy and the direction of trade.
Conversion works at the market rate through your bank. Having received revenue in dollars, you can leave it in the currency account or convert the needed amount into soums — for example, to pay taxes and salaries, which go through the soum account. The reverse operation — buying currency for soums to pay a foreign supplier — is also available for current international transactions.
Rate, fees and timelines — set by the bank and the Central Bank
The exact rate, fees for conversion and currency transfers, as well as crediting timelines, depend on the bank and the regulator's current policy. Check the precise terms in your bank's tariffs and on cbu.uz; we deliberately avoid quoting figures that quickly go out of date. Accurate as of 2026-06-15.
Specifics for a non-resident and a foreign enterprise
Good news for foreign-owned business: a foreign enterprise (an LLC with 100% foreign capital) and an LLC with foreign participation open a currency account on the same terms as local companies. There is no separate «special» regime for non-resident legal entities — the account is opened by a company registered in Uzbekistan, not by a foreigner as an individual.
But there are nuances worth taking into account in advance.
What plays in your favor
- A foreign enterprise is a full-fledged Uzbek legal entity, so the currency account is opened in the standard way.
- There is no mandatory sale of revenue — overseas money stays under your control.
- Free conversion at the market rate for current operations.
- You can hold accounts in several currencies and at different banks.
What to be ready for
- Enhanced compliance: the bank carefully checks the source of funds and the beneficiaries.
- Foreign documents often need a notarized translation and certification.
- Opening the account usually requires an in-person visit by the founder or director.
- The sole proprietorship (IP) form is available to a foreigner only with residency in Uzbekistan; a non-resident usually opens an LLC, and a legal entity opens the account.
IP — only with residency in Uzbekistan
If you were considering «opening an IP for a currency account» — for a non-resident this is usually a dead end: a sole proprietor in Uzbekistan for foreigners is available only with residency in the country and with limits, so an LLC is simpler. The currency account is opened by a legal entity: an LLC or a foreign enterprise. Accurate as of 2026-06-15.
For export-import contracts the bank accompanies the currency operation and keeps a record of the deal under Central Bank rules. This means that for a large contract you should prepare the agreement itself and the accompanying documents in advance — the bank will verify that payments match the contract.
Documents and the procedure for opening a currency account
A currency account is opened for the same legal entity and broadly on the same logic as a soum account. The basic document package for a company looks like this — always confirm the exact list with the chosen bank.
| Document | Why it's needed |
|---|---|
| Certificate of state registration | Confirms the existence of the legal entity |
| Company charter | Structure, types of activity, powers |
| Order appointing the director | Who is entitled to manage the account |
| Passports of founder and director | Identification (for foreigners — with translation) |
| Beneficiary information | Disclosure of ultimate owners under compliance |
| Signature samples and seal | Completing the bank signature card |
| Foreign trade contract | Basis for currency operations under the deal |
A foreigner's documents — with translation and certification
Corporate documents and passports issued abroad usually need a notarized translation into Uzbek or Russian, sometimes with an apostille or legalization. This is a typical cause of delays — prepare them in advance.
Company registration
Only a registered legal entity — an LLC or a foreign enterprise — can open a currency account.Choosing a bank
Check the bank's requirements for non-residents, the available currencies, and the tariffs for conversion and SWIFT transfers.Collecting documents
Prepare the corporate package, passports with translation and, if applicable, the foreign trade contract.Visit and opening
The founder or director comes for identification; the bank opens the soum and currency account.
Compare banks in advance
Banks differ noticeably in their currency operations: some offer a wider list of currencies and more convenient SWIFT, others have more predictable compliance for non-residents. How to choose is covered in detail in our article on selecting a bank.
Common mistakes when working with a currency account
Most problems are predictable and stem not from the regime itself (which is liberal), but from how the process is organized.
Payment without a contract
A large currency payment without a properly drawn-up contract raises bank questions and causes delays — prepare the documents in advance.
Mixing up accounts
Trying to receive overseas revenue into a soum account or to pay locals from a currency account leads to returns and errors.
A personal card instead of an account
Running business turnover through a founder's personal card is a tax and compliance risk; use the legal entity's account.
The essentials in a minute
- A currency account is needed for working with abroad; local operations always go through the soum account.
- There is no mandatory sale of export revenue, and currency converts freely at the market rate.
- A foreign enterprise opens a currency account in the standard way; an IP is only available with residency in Uzbekistan, a non-resident usually opens an LLC.
- For large contracts, prepare the agreement in advance — the bank accompanies the deal and keeps a record of it.
- Verify the exact rates, fees and procedure with the bank and on cbu.uz — the figures change.
Related articles
- International Settlements via a Legal Entity in Uzbekistan
- How to Accept Payments From Abroad for a Russian Business
- How to Pay Foreign Contractors From an Uzbek Company
- How to Register an LLC in Uzbekistan: Step by Step
FAQ
What is a currency account and why does a company need one?+
It is a legal entity's bank account in a foreign currency (dollars, euros and others) for settlements with abroad: receiving export revenue and paying foreign counterparties. It is not used for local operations — the soum account handles those.
Is it mandatory to sell foreign currency revenue to the state?+
No. The mandatory sale of export revenue by exporters was abolished by the 2017 decree on the liberalization of currency policy. The company itself decides whether to keep funds in currency or convert them. Verify the procedure on cbu.uz and lex.uz. Accurate as of 2026-06-15.
Is currency freely convertible?+
Yes. Since the 2017 reform, legal entities freely buy currency at commercial banks at the market rate for current international transactions and freely convert soums. The rate is set by the market.
Can a foreign enterprise open a currency account?+
Yes, on the same terms as local companies. The account is opened by a legal entity registered in Uzbekistan. An IP is available to a foreigner only with residency in Uzbekistan, so a non-resident usually opens an LLC — the account is always held by a legal entity. The bank runs enhanced compliance on the source of funds.
How does a currency account differ from a soum account?+
A soum account is for domestic operations (taxes, salaries, local suppliers), a currency account is for working with abroad. Settlements between residents in currency on the territory of Uzbekistan are prohibited.
Which currencies are available on a currency account?+
Most often the US dollar and the euro; large banks add the ruble, yuan and other currencies depending on the direction of trade. Confirm the exact list with the bank.
Is an in-person visit required to open a currency account?+
As a rule, yes: the bank carries out the identification of the founder or director in person, just as when opening a soum account. Check the remote-opening policy with the specific bank.
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Who we are and why you can trust us
Ivan Karataev
Managing Partner, BizReg
MBA, ACCA, CPA · ex-KPMG, ex-CFO of NYSE-listed companies · 20+ years in US & Uzbek business
BizReg (Ustores LLC, Tashkent) helps foreigners set up companies in Uzbekistan turnkey — registration, legal address, bank account and accounting. 1000+ registrations over 15 years.
Consultation in Russian and English · +998 90 347 86 92
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