Baku, Azerbaijan, Jan. 2
By Nigar Guliyeva – Trend:
The average volume of transactions on the currency exchange of Uzbekistan increased during the first nine months of 2017, the Central Bank of Uzbekistan said.
In general, in September-November 2017, the average volume of transactions on the foreign exchange market increased almost 1.5 times, and the volume of sales of foreign exchange earnings by exporters increased more than 2 times compared to the average indicator for the first half of 2017.
Commercial banks of Uzbekistan bought foreign currency in the amount of about $730 million from the population.
"In this period, changes in the exchange rate of the soum in relation to the USD reflected the dynamics of total demand and supply in the foreign exchange market," the bank said.
In particular, as a result of the excess of supply over demand in the domestic foreign exchange market, the exchange rate in September-November increased from 8110 soums / USD up to 8054 soums / USD.
In October and November 2017, the dynamics of supply and demand was volatile. In November, due to the relatively larger volume of demand for foreign currency, the exchange rate of the soum decreased to 8099 UZS / USD.
Relatively small fluctuations in the dynamics of the exchange rate of the soum (around 1 percent) over the past three months have a positive effect on the formation of stable expectations on the exchange rate in the economy and the increase in the volume of deposits and investments in the national currency.
Higher profitability of deposits in national currency compared to deposits in foreign currency contributed to a stable increase in the volume of deposits of the population in national currency.
In particular, only in September-November 2017, an increase in the volume of these deposits hit 13 percent.
The official exchange rate of the dollar in Uzbekistan in December increased by 24.19 soums (0.3 percent) and amounted to 8,120.07 soums at the end of the month. The official exchange rate of euro decreased by 30.61 soums (0.32 percent) to 9,624.72 soums.
Since the devaluation of the national currency on September 5, 2017, the official exchange rate of the dollar has increased by 20.07 soums or 0.25 percent, the official exchange rate of euro has decreased by 20.76 soums or 22 percent as part of the liberalization of the foreign exchange market.
The rate for Jan. 2, 2017 is 8120.07 UZS / USD.