The State Development Corporation "VEB.RF" and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan (Uznatsbank) signed an agreement on the basic conditions of application of the financial messaging system (SPSS) of the Bank of Russia in mutual transactions. The agreement fixes the connection of Uznatsbank to the SPSS.

Igor Shuvalov, Chairman of VEB.RF, called the signed document a step towards reduction of transaction costs in inter-bank transactions. He said that the corporation within the framework of its presidency in the Shanghai Cooperation Organization (SCO) invites all banks of the association to become a part of the Central Bank System.

Now, Shuvalov said, various projects are at different stages of elaboration to finance supply of domestic high-tech products to Uzbekistan. In this case the payment will be made in rubles. He recalled that last year the Russian Federation approved an initiative of the SCO countries to switch to calculation in national currencies.

The SPS of the Bank of Russia is an additional channel for the transmission of electronic messages on financial transactions. The system provides a guarantee for uninterrupted transmission of financial messages. Credit institutions and their clients are connected to it as they become technically ready and contractual relations with the Central Bank are established.

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Author: Ksenia Gustova