Text: Bank of Uzbekistan Text: Business Visits. On p. 82. Grammar ex-s on p. 85-90

Text: Bank of Uzbekistan Text: Business Visits. On p.82. Grammar ex-s.on p.85-90

LESSON 4

Central Bank of Uzbekistan

Central Bank of Uzbekistan

The Central Bank of Uzbekistan, officially the Central Bank of the Republic of Uzbekistan( Uzbek: O'zbekiston Respublikasi Markaziy banki / Ўзбекистон Республикаси Марказий Банки), is the country's national bank.

Structure of the Central Bank

The Central Bank of the Republic of Uzbekistan represents a centralized control system. For the performance of assigned tasks it creates the appropriate services and establishments, which work on the basis of rules confirmed by the Board of the Central Bank.

The structure and bodies of management of the Central Bank are determined by the Law “On the Central Bank”. The supreme body of the Central Bank is the Board of the Central Bank. The Board consists of 11 members and is headed by the Chairman who is, at the same time, Chairman of the Central Bank. The Board of the Central Bank is allocated large powers by definition and regulation of the basic directions of monetary policy and development of the banking system.

Cooperation with international financial organizations

There is integration of the Republic of Uzbekistan and its Central Bank in the world community. The Central Bank maintains Mutual cooperation with:

*. International Monetary Fund(IMF)

*. World Bank

*. European Bank for Reconstruction and Development

*. Asian Development Bank

The international cooperation has allowed the bank to begin realization of the received credits on transformation system, maintenance of balance of payments, financing of private business, institutional and rehabilitation loans, and others.

There is a special working group, including an IMF representative, which is in charge of implementing further liberalization of the exchange market. The basic task of the working group is the creation of conditions, and development of a strategy, for maintenance of the convertibility of the Uzbek somon the current international operations.

The positive results of work with the international financial organizations opens new prospects for the realization of joint projects together with various economic institutes and large banks of the world.  

Business Visits

It is common for Buyers’ representatives to visit Sellers’ premises for technical or commercial discussions either before or after a contract has been made.

It is common for Buyers’ representatives to visit Sellers’ premises for technical or commercial discussions either before or after a contract has been made.

One day a Soviet trading organization received the following letter from Messrs. Sweet & Co, their British business partners concerning a contract agreed previously

Soyuzimport March 3, 19..

For the attention of Mr Leonov

Re: Contract No…

Dear Mr Leonov,

I am waiting to inform you that our engineering department has found it necessary to improve the model which you ordered under the above Contract, by making a few modifications as shown in the attached drawings. Although the modifications are very slight, they are very effective and improve performance.

Any alterations to the Contract become valid if they are made in writing and signed by authorized representatives of both parties as per Clause 16.5 of the Contract.

Therefore in order to finalize the matter we would like to invite you to visit us at our premises. If you approve the modifications we shall make an appropriate amendment to the Contract.

We assure you there would be no difficulties in issuing a visa to you. We will provide an official invitation in support of your application for a visa. Perhaps you would be good enough to let us know if and when you are able to come over.

If you require any other information concerning this matter please do not hesitate to contact us.

Your sincerely, A.K. Dodd

International marketing manager