New requirements are being set for the design of banknotes and coins

**New requirements for the design of banknotes and coins are being introduced**

A draft instruction has been developed that determines the procedure for organizing cash circulation in the banking system of Uzbekistan. This document provides for the regulation of cash circulation in the banking system.

According to the draft, the organization of cash circulation in the territory of Uzbekistan will be entrusted to the Central Bank. The Central Bank will also have the exclusive right to issue banknotes as legal tender in the country. Banknotes can be issued in the form of banknotes and coins, including coins made of precious metals.

**How are monetary denominations determined?**

The draft also indicates the criteria for determining the nominal values of banknotes. This takes into account the average monthly and daily wages in the republic, prices for consumer and household goods in retail markets, and the level of development of the cashless settlement system. If necessary, the population's demand and needs for banknotes of a certain denomination will also be studied.

In order to effectively organize the nominal series of cash, it is planned to issue coins in 4-5 denominations, and banknotes in 6-7 denominations.

**What is reflected in the design of banknotes?**

The design of banknotes and coins is the property of the Central Bank. Their design is developed by the Central Bank in collaboration with "Davlat belgisi" LLC. In individual cases, the Central Bank may also conduct a survey among the population on the design of banknotes and coins.

The design of banknotes should take into account the specific features of Uzbekistan and clearly demonstrate their belonging to the country. A separate color priority is established for each denomination of banknotes. Banknotes and coins must contain a digital representation of the denomination, a convenient size and color for determining the value, the name of the Central Bank, the year of approval of the design and sample, one of the state symbols, and anti-counterfeiting elements.

In addition, the banknotes will contain the written representation of the nominal value, series and numbers, a sentence stating that all types of payments must be accepted at face value, and a warning about liability for counterfeiting.

**Historical figures may be depicted on banknotes**

The draft stipulates that the design of banknotes and coins will be dedicated to a specific theme. In particular, they may depict the history of Uzbekistan, including persons born on the soil of Uzbekistan and who contributed to the development of world science, as well as objects related to their activities, independent Uzbekistan and its achievements, the nature of the country, representing nationality and values.

The names of buildings, structures and other objects depicted on banknotes and coins will also be recorded. All inscriptions are intended to be in the state language and in the Latin alphabet.

**New banknotes will be notified in advance**

Samples and designs of banknotes will be approved by the Central Bank in agreement with the Council of the Senate of the Oliy Majlis. The design of banknotes and coins of the new sample is approved by the resolution of the Board of the Central Bank. The resolution also determines the deadlines for organizing their release, publishing the description of the banknotes in the media.

It is envisaged that information on the introduction of new banknotes and coins into circulation and their description will be published at least one week before the date of release.

**Banks will forecast the demand for cash in advance**

The draft also defines in detail the procedure for banks to work with cash. Each bank branch will develop a "Monthly Forecast of Cash Turnover" based on the cash receipts and cash withdrawal requirements of customers, the need to replenish ATMs, and indicators from previous periods.

Banks must meet the demand for cash from the population and business entities in a timely manner. Cash is issued within the limits of the funds available on the bank's deposit account on the basis of relevant cash documents.

Banks will also take measures to ensure the timely provision of salaries, pensions, scholarships, benefits and other social payments in cash. If delays or interruptions in the provision of such payments in cash are identified, the regional head offices of the Central Bank, together with the relevant banks, will take the necessary measures.