Central Bank plans to limit individual card ownership to 20

This initiative follows findings that some cards are being used for fraudulent activities without the knowledge of their owners. By implementing these limits, the Central Bank aims to reduce the misuse of personal accounts and prevent them from being exploited in fraudulent schemes.

The Central Bank has refuted claims circulating on social media that the limit would be restricted to a single card per individual. Officials emphasized that the proposed measures are temporary and will not impact individuals' ability to conduct payments.

The new restrictions would not apply to bank cards denominated in foreign currencies.

According to the Central Bank, approximately 97% of cardholders in Uzbekistan (22 million individuals) currently own up to five cards. Another 3% (770,000 individuals) hold between five and 20 cards, while just 0.03% (7,000 individuals) possess more than 20 cards.

An analysis revealed that some individuals with a high number of cards were unaware that their cards were being used in fraudulent activities.

The Central Bank stressed that the proposed measures are designed to regulate the issuance of cards by commercial banks without inconveniencing the public. “These measures aim to address fraudulent schemes while maintaining the ease of conducting payments using bank cards,” the statement read.

The draft requirements are currently under review and will be presented for public discussion after final revisions.