The Senate at today’s plenary session passed the amendments to the Currency Regulation Law, the press service of the Senate said earlier.

Chairperson of the Senate Committee on Budget and Economic Reforms Erkin Gadoev stressed that if a businessperson sends his goods abroad and does not receive money for it within a certain time, then he used to be fined.

By a presidential decree of September 30, 2022 on boosting the export potential of businesses, it was established that from November 1, 2022, if the amount of currency not received under one export contract does not exceed 5% of the value of all products shipped for export, it is not considered as overdue accounts receivable. Accordingly, businesses should not be penalized for failing to ensure the repatriation of assets.

Amendments to the Law follow from this decree.

Deputy minister of economy and finance Gulnora Rakhimova noted that such a proposal was made by businesses during an open dialogue with the president in August 2022. They stated that penalties would not apply if payments were not received on time due to circumstances unrelated to the parties, or if a discount was applied.

“According to the analysis of the receivables of businesses up to 5% under one export contract, by the beginning of 2023, the total amount [of debt] of 508 businesses amounted to $9.73 million. An increase in interest could lead to the abolition of fines for a large number of businesses, and this, in turn, means a loss of enforcement measures,” she said.

According to the senators, the new provision will serve to increase the export potential of businesses and the competitiveness of local products in foreign markets.