Uzbek Banks Switch Technical Operator for Zolotaya Korona System
Uzbekistani commercial banks and Zolotaya Korona are negotiating a transition to a new unsanctioned technical operator following EU sanctions against the payment service's correspondent bank.
Uzbek Banks to Change Zolotaya Korona Technical Operator
Tashkent, Uzbekistan (UzDaily.uz) – Commercial banks in Uzbekistan are collaborating with the Zolotaya Korona rapid money transfer service to implement a change in their technical operator. This move comes in response to European Union sanctions imposed on the payment system's correspondent bank, as confirmed by Otabek Tojiddinov, Head of the Currency Regulation and Supervision Department at the Central Bank of Uzbekistan, on July 29.
Tojiddinov clarified that the sanctions were not levied against the Zolotaya Korona payment system directly, but rather targeted its correspondent bank, which handled a portion of its technical clearing operations. While this led to the service limiting transfers in certain directions, Uzbekistan remains one of the countries where money transfers through the system are still operational.
"Uzbekistan aims to avoid any secondary impacts from these sanctions. Consequently, our banks, in conjunction with Zolotaya Korona's leadership, are currently engaged in discussions to shift to an alternative operator that is not subject to sanctions," Tojiddinov explained.
He further noted that the Central Bank is closely monitoring the situation, and personal remittances processed via Zolotaya Korona are being disbursed without interruption. Tojiddinov added that collateral deposits held by the payment service in local banks further guarantee that payouts can be made in any currency.
Data from the Central Bank indicates that international money transfers into Uzbekistan reached $9.3 billion in the first half of 2026, representing a 13% increase compared to the same period last year. Of this amount, approximately $2.4 billion was facilitated through Zolotaya Korona.
Tojiddinov highlighted that funds received via the service originate not only from Russia but also from South Korea, Turkey, Kazakhstan, European Union member states, and other countries where Uzbek citizens are employed.
Zolotaya Korona executives are presently in Tashkent to finalize these negotiations. The transition to the new technical operator is anticipated to occur as early as next week, after which the system is expected to resume its normal operations.