Committee of the Treasury service under the Ministry of Economy and Finance of the Republic of Uzbekistan

The Treasury system is an effective and practical mechanism for the execution of the state budget, in which all transactions with state revenues and expenditures are carried out by the Treasury through a single treasury account (STA).

In order to reform the financial system of the Republic of Uzbekistan, work on the creation of the Treasury was started in 2002, in connection with which the resolution of the Cabinet of Ministers of the Republic of Uzbekistan “On measures to prepare for the implementation of the public finance management reform project” was adopted.

In 2004, the Law of the Republic of Uzbekistan “On treasury execution of the state budget” was adopted, which became one of the important stages in the creation of the Treasury and the introduction of the mechanism of treasury execution of the state budget.

On June 1, 2005, the city of Tashkent and the Samarkand region began the experimental implementation of certain elements of the treasury execution of the state budget, and then a phased expansion of this system in 2006-2007 was carried out in the remaining 12 regions.

The main purpose of treasury execution of the state budget is the unification of the cash register and the organization of accounting and reporting, i.e. the inclusion of all its revenues in a single treasury account, as well as the payment of state budget expenditures from this account.

The first step towards this goal was the adoption in 2007 of the Decree of the President of the Republic of Uzbekistan “On measures for further development of the system of treasury execution of the state budget”, which brought the development of the treasury system in the country to a new level.

In 2007, first, by introducing territorial treasury accounts, all bank accounts of budget organizations and state employees opened in commercial banks were closed, while budget funds were covered by treasury execution, and then since 2010, extra-budgetary funds of budget organizations were covered by treasury execution in full.

Since 2009, phased payment of all territorial treasury accounts has been introduced through the “Bank – client” information system.

Since 2010, it has been planned to implement measures to introduce the procedure for transferring proceeds from customs payments to the Treasury account.

Since January 1, 2012, the Central Bank of the Republic of Uzbekistan has introduced a single treasury account, on which state budget funds were accumulated and payments were made through it.

In 2016, as a result of the Treasury’s full coverage of budget revenues of the budgetary system, accounts in commercial banks of authorized bodies for collecting taxes and other mandatory payments were closed and collection was established directly to a single treasury account.

On February 7, 2011, by the Decree of the President of the Republic of Uzbekistan No.1475 “On the alternatization of the public procurement system and the expansion of the involvement of small businesses in it”, the Treasury of the Ministry of Finance of the Republic of Uzbekistan was appointed the authorized body in the field of public procurement.

In order to reduce the risks of foreign exchange transactions by managing foreign exchange risks (hedging) and using derivative instruments, the first swap operation with a foreign counterparty in the amount of 20 million US dollars was carried out in March 2022. 

Today, practical work is underway to fully switch to electronic document management, excluding the human factor at all stages of treasury operations.

Also, in accordance with the Decree of the President of the Republic of Uzbekistan dated December 21, 2022 No.269 “On measures to implement the administrative reform of the new Uzbekistan” within the framework of the administrative reform program of the new Uzbekistan by simplifying the processes of formation, decision-making and consideration of issues of a compact public administration system that meets modern requirements in the conditions of the new Uzbekistan, on the basis of the Treasury The Ministry of finance of the Republic of Uzbekistan has established a Treasury service committee under the Ministry of economy and finance of the Republic of Uzbekistan.