Page 51 - 2022 - annual report

Regulations “On the Supervisory Board of of Shareholders of the establishment of the
“Uzbek Republican Currency Exchange” JSC,
“On the Executive Body of “Uzbek Republican
Currency Exchange” JSC were approved,
reports of the Internal Audit Service of UZCE
on the results of 2021 were heard.
In the reporting year, in order to ensure
the implementation of Decrees of the
President of the Republic of Uzbekistan dated
November 18, 2019 No.PF-5877 “On improving
monetary policy with a phased transition to
an inflation targeting regime” and April 13,
2021 No.PF-6207 “On measures for further
development of the capital market”, decisions
were taken to introduce new instruments,
as well as market-making activities in the
debt market, on the introduction of the
membership category “C” at the UZCE, in
connection with which changes were made to
the existing internal documents of the UZCE
and new internal documents were approved.
At the same time, in connection with the
reduction of value added tax from 15 to 12
percent according to the Law of the Republic
of Uzbekistan dated December 30, 2022 No.
O‘RQ-812 “On amendments and additions
to some Legislative acts of the Republic of
Uzbekistan in connection with the adoption of
the main directions of tax and budget policy for
2023”, and considering that the commission
fee on transactions in the interbank money
market, as well as on deposit operations of
the Central Bank with commercial banks
includes VAT, a decision was made to revise
the commission fee downwards for these
types of trades and amendments were made
to the relevant internal regulatory documents.
Along with this, issues related to the
election of the Chairman of the Supervisory
Board of the UZCE, the extension of the
employment contract with Director General,
the convening and holding of the Annual
General Meeting of Shareholders, the inclusion
in the agenda of the Annual General Meeting
upper limit of charitable (sponsorship) and
other gratuitous assistance were submitted
to the Supervisory Board.
At the same time, the Supervisory Board
adopted relevant decisions on temporary
non-recovery of commission fees on certain
exchange instruments, awarding the
employees in connection with the 30th
anniversary of UZCE, as well as participation
of UZCE at the II International Economic
Forum as a sponsor-partner with marketing
activities.
In addition, the meetings of the
Supervisory Council considered the
reconstruction of the UZCE building and
adjacent territory, including the renewal of
the cables of the main power grid, held in the
administrative building of UZCE, construction
of the gas pipeline, reconstruction of the
border wall, as well as the construction of a
dining hall, working block and parking on the
territory of UZCE.
In order to objectively stimulate the
work of employees by further strengthening
the social protection of UZCE employees,
increasing their initiative, optimizing
business processes in the activities of UZCE,
reducing the activities of commissions,
further strengthening the functions of
Director General, amendments and additions
have been made to the regulations “On
remuneration and stimulation of labor of
employees of the Uzbek Republican Currency
Exchange” and “On social benefits the goals
of the Uzbek Republican Currency Exchange”.
In order to facilitate the supervisory audit
of the quality management system of UZCE
for compliance with the requirements of
the international standard ISO 9001:2015, in
February of the reporting year, a corresponding
consulting organization was engaged on a
contractual basis and in August 2022, UZCE
successfully passed the second supervisory
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