In the Strategy of Action on five priority directions of development of the Republic of Uzbekistan for 2017-2021, it is noted that the liberalization of foreign exchange policy and the introduction of market mechanisms for regulating foreign exchange relations are prerequisites for ensuring the stability of macroeconomic growth (1, p. 32). However, the effectiveness of measures aimed at reforming foreign exchange relations largely depends on the degree of development of foreign exchange transactions of commercial banks. Since, commercial banks are the main players in the foreign exchange markets, concluding foreign exchange transactions on their own behalf and on behalf of clients. The above circumstances necessitate the study of topical issues related to the development of foreign exchange transactions of commercial banks in the new conditions of reforming foreign exchange relations. The article identifies topical problems associated with the development of foreign exchange transactions of commercial banks in Uzbekistan and developed scientific proposals aimed at solving these problems.