Baku, Azerbaijan, Jan. 9
By Rashid Shirinov – Trend:
Uzbekistan plans to further liberalize the foreign exchange market this year, Trend reports citing the Uzbek media.
The draft state program for 2019 notes that the Central Bank, the Finance and Economy Ministries must prepare a draft regulatory act by March 1, providing for the elimination of unjustified restrictions in foreign currency transactions.
It should be noted that from September 5, 2017, individuals in Uzbekistan received the right to sell currency to banks at the market rate. Previously, banks were buying currency from individuals only at the state rate, which was more than twice less than the market rate.
Currency is purchased in the conversion departments of commercial banks with loading to international payment cards that can be used abroad without any restrictions.
However, it is impossible to buy foreign currency in cash from banks in Uzbekistan. This measure stimulates the development of the black market, where Uzbeks have to apply for cash currency.
Last year, the National Security Service of Uzbekistan and representatives of the Prosecutor's Office confiscated foreign currency worth more than 73 billion soums from exchangers. More than 1,490 administrative and 390 criminal cases were initiated against illegal currency traders.
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