Uzbekistan: Authorities Revoke Bank's License

The Central Bank of Uzbekistan has formally revoked the license of Alp Jamol Bank.

"The Central Bank of the Republic of Uzbekistan withdrew the license to conduct banking transactions and the general license to conduct transactions in foreign currencies [of] private-public joint stock commercial bank Alp Jamol Bank," the Central Bank said in a statement published on its website on March 16.

The owner of Alp Jamol Bank, Mukhiddin Asomiddinov, is reportedly on the run after a wave of arrests targeting Tashkent business titans began earlier this month.

The opposition website Uzmetronom.com also reported that the black market dollar-sum exchange rate soared because of the Central Bank's actions against Alp Jamol Bank. People who held accounts with Alp Jamol Bank will have their deposits transferred to the state owned Halk Bank, Uzmetronom.com added.