Uzbekistan accelerates devaluation of national currency

Uzbekistan accelerates devaluation of national currency

Tashkent, Uzbekistan, Nov. 3

By Demir Azizov- Trend:

Uzbekistan accelerated the devaluation of the nation's currency, the som against the US dollar, in October, according to the Central Bank of Uzbekistan.

The official rate of the som, as set by the Central Bank of Uzbekistan, decreased to 2692.13 som per dollar, or 2.2 percent, versus a 0.7 percent decrease during the same period of 2014, when it fell from 2367.4 som to 2.383 som per dollar.
As of late September 2015, the rate reached 2621 som per dollar.

Further, Uzbekistan's national currency has decreased from 2422.4 som per dollar since early 2015 to 2692.13 som per dollar (as of November 3, 2015), or 10 percent in 10 months.

As of 2014, the official som exchange rate versus the dollar decreased by 10 percent, from 2202.20 som per dollar as of January 1, 2014 to 2422.40 soum per dollar on January 1, 2015.

Meanwhile, the Central Bank of Uzbekistan has not commented about the intense October decline in the official exchange rate.

The exchange rate of the som versus the euro has increased since early 2015 by 0.5 percent, from 2987.74 som per euro to the current 2973.13 som per euro.

Also, the som exchange rate versus the euro increased by 1.5 percent, from 3031.90 som per euro to 2987.74 som per euro in 2014.

Additionally, the Uzbek som-Russian ruble official exchange rate has increased by 10.2 percent in the past 10 months.

The som exchange rate versus the ruble increased by 28.5 percent - from 65.14 som-ruble to 46.55 som- ruble.

The central bank sets the exchange rates of foreign currencies versus the Uzbek som for accounting, statistics and other reporting on currency transactions, as well as the calculation of customs and other obligatory payments.

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