The financial and credit system of Uzbekistan

Financial law is an independent branch of law that regulates relations connected with collecting, distributing and spending the money funds of the state and its territorial units. Its main source is the Constitution, followed by the Budget Code, the Tax Code and other laws. The financial system consists of several links: the state budget (the republican, Karakalpakstan and local budgets), special-purpose funds, the finances of enterprises, credit and insurance. The state spends money in two ways: with financing the money is not repaid (for example, the costs of a state school), while with crediting it must be repaid on time. Running monetary policy and keeping the national currency, the so‘m, stable is the task of the Central Bank, while commercial banks serve the public and entrepreneurs. The state’s financial activity rests on principles such as legality, openness and targeted use, meaning that spending must go to the purpose set by law and be reported.