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Uzbek banks to buy ATMs

Business Materials 16 November 2017 11:09 (UTC +04:00)
Several banks of Uzbekistan plan to purchase more than 200 ATMs for cash payments by late 2017.
Uzbek banks to buy ATMs

Baku, Azerbaijan, Nov. 16

By Nigar Guliyeva – Trend:

Several banks of Uzbekistan plan to purchase more than 200 ATMs for cash payments by late 2017.

The first deputy chairman of the Central Bank of Uzbekistan (CBU) Timur Ishmetov announced this at a meeting of the International Press Club Nov.15.

"The banks are working to import ATMs, and by the end of the year we expect slightly more than 200 units for several banks," Ishmetov said.

"You know that this segment was not developed in our country and has not been developed yet, since we had some cash-related problems. So if banks have cash problems, then it makes no sense to buy and install these ATMs," he said, adding that the problem has since been solved.

Ishmetov stressed that the Central Bank does not interfere with the purchase of ATMs. The regulator regards this as a business process where banks themselves must decide when to implement the product.

"Banks decide on investing in a particular instrument based on their operational needs and economic feasibility, where they will earn more," Ishmetov said.

Ishmetov further added that Uzbek banks will launch a service to transfer money abroad in soums since Dec. 1.

"As a result, people who want to send foreign currency abroad, but who do not have it in stock, will be able to do it in soums. They will have to come to banks with national currency, banks will accept it and automatically convert it into foreign currency and send it abroad " , Ishmetov noted.

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