Uzbekistan does not intend to carry out denomination

Finance Materials 5 March 2019 15:59 (UTC +04:00)

Baku, Azerbaijan, March 5

By Fakhri Vakilov - Trend:

Uzbekistan does not intend to conduct denomination in the near future, Trend reports with reference to Chairman of the Board of Uzbek Central Bank Mamariso Nurmuratov.

"The denomination issue must be approached very carefully, it is a subtle question. I can express my opinion in this regard. Usually a denomination is held when we stabilize the macroeconomic situation, and, above all, inflation. Denomination is a technical process. It can be done easily, even painlessly, as, for example, Belarusians did," he said.

He stated that the Central Bank does not set goals for the denomination conduction.

"We do not set ourselves such a goal yet and the existing face values are quite convenient and meet the requirements of the population in terms of making cash payments and settlements," Nurmuratov noted.

New banknote worth 100,000 soums was issued in Uzbekistan on February 25. The theme of the banknote is dedicated to the activities of the great Uzbek scientist Mirzo Ulugbek and his achievements in astronomy.

"Issuing banknotes in denominations of 100, 000 soums solves problems, primarily related to inconveniences when people buy high-value goods such as cars, furniture, household appliances. Thus, the first task of releasing a new banknote is convenience in cash payments," Fazliddin Bozorov, director of the Central Bank's money circulation department said earlier.

Moreover, the load on cashiers and employees of commercial banks will be reduced when calculating small bills, and payment of wages, pensions, and benefits will be simplified. The cost of issue (printing) of cash, as well as their transportation and storage will be significantly reduced. The efficiency of servicing the population through ATMs will also increase.


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