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Uzbek banks see rise in foreign currency transactions

Business Materials 18 January 2018 18:45 (UTC +04:00)

Baku, Azerbaijan, Jan. 18

By Nigar Guliyeva – Trend:

The volume of banking transactions on the purchase and sale of foreign currency is steadily increasing after the liberalization of monetary policy, the Central Bank of Uzbekistan said in a message on Jan.18.

The average monthly purchase of foreign currency by business entities increased by 60 percent, while the volume increased from $462 million in the first half to $740 million in September-December 2017.

The average monthly sale of foreign currency increased more than 4 times - from $172 million in the first half to $740 million in September-December 2017.

The ongoing reforms in the sphere of monetary policy have a significant impact on economic processes in the real and financial sectors of the economy, the Bank said.

The official exchange rate of the USD in December 2017 increased by 24.19 soums (0.3 percent) and amounted to 8120.07 soums at the end of the month, the euro fell by 30.61 soums (0.32 percent) to 9624.72 soums.

last September, Uzbekistan devalued its currency by almost half as the country floated the soum to end more than two decades of economic and market isolation. The country’s central bank rated the U.S. dollar at 8,100 soms on September 5, compared with the previous rate of 4,210 soms.

Before the currency reform in Uzbekistan, there were several exchange rates, including the official exchange rate of the Central Bank, the exchange clearing rate of the US dollar, which was used by the importers of goods, as well as the "black" rate for the bulk of the population.

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