The banking system of the Republic of Uzbekistan consists of the Central Bank of the Republic of Uzbekistan and banks.

The Central Bank of the Republic of Uzbekistan shall develop and implements monetary and currency policy.

The Central Bank of the Republic of Uzbekistan shall regulate the activities of banks, and ensure the stable functioning of banking and payment systems in the country.

The Central Bank of the Republic of Uzbekistan shall be independent in carrying out its tasks.

The procedure for organizing the activities of the Central Bank of the Republic of Uzbekistan shall be established by law.

The monetary unit of the Republic of Uzbekistan is the Soum.

Soum is the only unrestricted legal tender on the entire territory of the Republic of Uzbekistan.

The Central Bank of the Republic of Uzbekistan shall have the sole right for the issuance and withdrawal of banknotes from circulation as legal means of payment on the territory of the Republic of Uzbekistan.

The Republic of Uzbekistan shall have independent financial, monetary and banking systems.

The President of the Republic of Uzbekistan shall:

1) guarantee observance of rights and freedoms of citizens, the Constitution and laws of the Republic of Uzbekistan, sovereignty, security and territorial integrity of the Republic of Uzbekistan, implementation of decisions regarding its national-state structure;

2) represent the Republic of Uzbekistan within the country and in international relations;

3) conduct negotiations and sign treaties and agreements of the Republic of Uzbekistan, ensure the observance of the negotiated by the Republic treaties, agreements and the assumed by it obligations;

4) receive letters of credence and recall from diplomatic and other representatives accredited to him;

5) present to the Senate of the Oliy Majlis of the Republic of Uzbekistan nominees for appointment heads of diplomatic and other representative offices of the Republic of Uzbekistan to foreign states and with international organizations;

6) have the right to address the people and the Oliy Majlis of the Republic of Uzbekistan on major matters of realizing home and foreign policies of the country;

7) form and abolish ministries and other republican bodies of executive authority with subsequent submission of decrees on these matters for approval by the Senate of the Oliy Majlis of the Republic of Uzbekistan;

8) represent to the Senate of the Oliy Majlis of the Republic of Uzbekistan a nominee for the election on the post of the Chairperson of the Senate;

9) appoint, with the approval of the Legislative Chamber of the Oliy Majlis, the Prime Minister of the Republic of Uzbekistan and the members of the Cabinet of Ministers of the Republic of Uzbekistan and dismisses them from their posts;

10) appoint and dismiss heads of committees, agencies and other republican state bodies in accordance with the legislation;

11) appoint and dismiss the Prosecutor General of the Republic of Uzbekistan and the Chairperson of the Chamber of Accounts of the Republic of Uzbekistan with the approval of the Senate of the Oliy Majlis of the Republic of Uzbekistan;

12) appoint, after consultation with the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Chairperson of the State Security Service of the Republic of Uzbekistan, and dismisses him from his post;

13) present candidates to the Senate of the Oliy Majlis of the Republic of Uzbekistan for the Constitutional Court of the Republic of Uzbekistan, the Supreme Court of the Republic of Uzbekistan, the Supreme Judicial Council of the Republic of Uzbekistan, as well as for the posts of Chairperson of the Board of the Central Bank of the Republic of Uzbekistan, head of the republican body to counteract corruption and head of the republican anti-monopoly body;

14) appoint and dismiss, upon the submission of the Supreme Judicial Council of the Republic of Uzbekistan, Chairpersons and deputy Chairpersons of courts in regions and the city of Tashkent, the Chairperson of the Military Court of the Republic of Uzbekistan; approve members of the Supreme Judicial Council of the Republic of Uzbekistan;

15) appoint and relieve, upon the submission of the Prime Minister of the Republic of Uzbekistan, khokims of districts and cities of their posts in accordance with law. The President of the Republic of Uzbekistan shall have the right to relieve, by his decision, khokims of districts and cities of their posts, should they violate the Constitution, laws or perform acts discrediting the honour and dignity of a khokim;

16) suspend, cancel acts of republican executive bodies and khokims; have the right to chair the meetings of the Cabinet of Ministers of the Republic of Uzbekistan;

17) sign and promulgate laws of the Republic of Uzbekistan; shall have the right to return a law, with his objections, to the Oliy Majlis of the Republic of Uzbekistan for the second discussion and vote;

18) announce condition of war in cas e of attack on the Republic of Uzbekistan or in case of necessity of the implementation of contractual obligations on mutual defense from aggression, general or partial mobilization and within seventy two hours submit the adopted decision for approval by the chambers of the Oliy Majlis of the Republic of Uzbekistan;

19) in exceptional cases (real outside threat, mass disturbances, major catastrophes, natural calamities, epidemics) in the interests of ensuring citizens’ security introduce the state of emergency on the entire territory or in the particular localities of the Republic of Uzbekistan and within seventy two hours submit the adopted decision for approval by the chambers of the Oliy Majlis of the Republic of Uzbekistan. Conditions and the procedure for introducing the state of emergency shall be set by law;

20) serve as the Supreme Commander-in-Chief of the Armed Forces of the Republic of Uzbekistan, appoint and relieve the supreme command of the Armed Forces of the post and confer the highest military ranks;

21) award orders, medals and certificates of honour of the Republic of Uzbekistan, confer qualification and honorary titles of the Republic of Uzbekistan;

22) rule on matters of citizenship of the Republic of Uzbekistan and granting political asylum;

23) put to the Senate of the Oliy Majlis of the Republic of Uzbekistan submission on adoption of acts of amnesty and effectuate pardoning of persons condemned by courts of the Republic of Uzbekistan;

24) form and head the Security Council at the President of the Republic of Uzbekistan, forms the Presidential Administration, as well as consultative, advisory and other bodies at the President of the Republic of Uzbekistan in order to ensure the implementation of its competence;

25) exercise other powers stipulated by the present Constitution and laws.

The President of the Republic of Uzbekistan shall not have the right to transfer exercising of his powers to state bodies or officials.

The Legislative Chamber and the Senate of the Oliy Majlis of the Republic of Uzbekistan, after expiry of their terms of powers, shall continue their activity until the beginning of the work accordingly of the Legislative Chamber and the Senate of new convocation.

The first sittings of the Legislative Chamber and the Senate of the Oliy Majlis of the Republic of Uzbekistan shall be convoked by the Central Election Commission accordingly not later than in two months after the elections to the Legislative Chamber and not later than in one month after the formation of the Senate.

Sittings of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan shall be convoked during sessions. Sessions shall be convoked, as a rule, since the first working day of September till the last working day of June of the next year.

Sittings of the Senate of the Oliy Majlis of the Republic of Uzbekistan shall be convoked as required, but not less often than three times a year.

Sittings of the chambers of the Oliy Majlis of the Republic of Uzbekistan shall be empowered if more than half of the total number of all deputies, senators paticipiate in their work.

At adoption of the constitutional laws, presence of not less than two thirds of the total number of all deputies, senators shall be obligatory.

The President of the Republic of Uzbekistan, the Prime Minister, members of the Cabinet of Ministers, the chairmen of the Constitutional Court, the Supreme Court and the Supreme Judicial Council, the Prosecutor General of the Republic, the Chairperson of the Board of the Central Bank shall have the right to attend sittings of the Legislative Chamber and the Senate of the Oliy Majlis of the Republic of Uzbekistan, as well as sittings of their bodies. The Chairperson of the Senate shall have the right to attend sittings of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan and its bodies, the Speaker of the Legislative Chamber — sittings of the Senate of the Oliy Majlis of the Republic of Uzbekistan and its bodies.

The Legislative Chamber and the Senate of the Oliy Majlis of the Republic of Uzbekistan shall convoke separately.

The joint sittings of the Legislative Chamber and the Senate of the Oliy Majlis of the Republic of Uzbekistan shall be convoked upon taking the oath by the President of the Republic of Uzbekistan, making speeches by the President of the Republic of Uzbekistan on major matters of social and economic life, home and foreign policies of the country, making speeches by heads of foreign states. As agreed by the chambers the joint sittings of the chambers may be convoked on other matters.

The exclusive powers of the Senate of the Oliy Majlis of the Republic of Uzbekistan shall include:

1) election the Constitutional Court, the Supreme Court, the Supreme Judicial Council of the Republic of Uzbekistan, the head of the republican anti-corruption body and the head of the republican anti-monopoly body on representation of the President of the Republic of Uzbekistan;

2) consideration and approval of the candidates for the posts of theProsecutor General of the Republic of Uzbekistan and the chairperson of the Chamber of Accounts of the Republic of Uzbekistan on representation of the President of the Republic of Uzbekistan;

3) conducting consultations on the candidature proposed by the President of the Republic of Uzbekistan for the post of the chairperson of State Security Service of the Republic of Uzbekistan;

4) on the nomination of the President of the Republic of Uzbekistan appointment and dismissal of the heads of diplomatic missions and other representations of the Republic of Uzbekistan in foreign states and international organizations on representation of the President of the Republic of Uzbekistan;

5) appointment and relief of the Chairperson of the Board of the Central Bank of the Republic of Uzbekistan on representation of the President of the Republic of Uzbekistan

6) ratification of decrees of the President of the Republic of Uzbekistan on the establishment and abolition of ministries and other republican bodies of executive power;

7) adoption of amnesty acts on representation of the President of the Republic of Uzbekistan;

8) hearing the reports of the Prosecutor General of the Republic of Uzbekistan and the Chairperson of the Board of the Central Bank of the Republic of Uzbekistan;

9) hearing the reports of the heads of diplomatic missions and other representations of the Republic of Uzbekistan in foreign states and international organizations on the issues of their activities;

10) submission of parliamentary inquiries to the officials of state bodies and carrying out other forms of parliamentary control;

11) assistance to the representative bodies of state power on the ground in the performance of their activities;

12) rescission of the decisions of representative bodies of state power on the ground in the case of their inconsistency with the norms of legislation;

13) election of the Chairperson of the Senate of the Oliy Majlis of the Republic of Uzbekistan and his deputies, chairpersons of committees and their deputies;

14) adoption of decisions on deprivation of a member of the Senate of the Oliy Majlis of the Republic of Uzbekistan from immunity on the representation of the Prosecutor General of the Republic of Uzbekistan;

15) adoption of decisions on the matters relating to the organisation of chamber's activities and its internal organisation;

16) adopting resolutions on certain issues in the field of political, social and economic life, as well as on issues of national and foreign policy;

17) exercising the powers of the Oliy Majlis to legislate, with the exception of the Constitution and constitutional laws, during the dissolution of the Legislative Chamber;

18) exercising other powers stipulated by the Constitution and laws.

The Senate of the Oliy Majlis of the Republic of Uzbekistan may be entitled to dissolve itself by the majority of not less than two-thirds of the total number of senators.

Everyone shall have the right to own property.

The privacy of bank operations, deposits and accounts, as well as the right to inheritance shall be guaranteed by law.