Official euro exchange rate up in Uzbekistan
Tashkent, Uzbekistan, Feb. 1
By Mammad Dashdemirov – Trend:
The official exchange rate of dollar increased by 55.7 soums (an increase of 0.68 percent) in January 2018 and amounted to 8,175.77 soums at the end of the month, while the official exchange rate of euro - by 921.41 soums (an increase of 9.98 percent) to 10,146.13 soums, the Currency Regulation and Control Department of the Central Bank of Uzbekistan told Trend.
In December 2017, the official exchange rate of dollar increased by 24.19 soums (0.3 percent) and amounted to 8,120.07 soums, the official exchange rate of euro decreased by 30.61 soums (0.32 percent) to 9,624.72 soums, the Central Bank said.
Since the devaluation of the national currency on September 5, 2017, the official exchange rate of dollar increased by 75.77 soums or 0.94 percent, the official exchange rate of euro - by 500.62 soums or 5.19 percent as part of the liberalization of the foreign exchange market.
The Central Bank sets the official rate of foreign currencies once a week, every Tuesday. The lowest dollar rate since September 5, 2017 was set at 8,052.08 soums (October 10, 2017), the highest dollar rate – 8,175.77 soums (January 30, 2018), the euro rate - respectively 9,718.65 soums (September 12, 2017) and 10,146.13 soums (October 31, 2017).
The Central Bank decided to raise refinancing rates from 9 percent to 14 percent since June 28, 2017 to slow down the growth of prices in the domestic market and reduce inflationary risks. This affected an increase in the average level of interest rates in the interbank market, which increased from 8.1-9 percent to 12-12.2 percent.