Uzbeks buy 63% of foreign currency through applications

Finance Materials 24 May 2019 10:42 (UTC +04:00)

Baku, Azerbaijan, May 24

By Fakhri Vakilov – Trend:

In 2018 and four months of 2019, Uzbek residents purchased foreign currency totaling to more than $1.2 billion, Trend reports with reference to the Central Bank of Uzbekistan.

Out of this amount, $432.3 million, or 36 percent, is due to online conversion. In general, from April 2018 to April 2019, the monthly share of online conversion increased from 9 percent to 63 percent. A sharp increase in the share of online conversion in the total purchase volume has been observed since January 2019.

Implemented in April 2018, banking service for the sale of foreign currency to individuals through mobile applications (online conversion) has become very popular among the population, the client does not have to go to the bank and can change foreign currency online around the clock.

The only thing to be done is the necessity to have international payment card to be obtained in one of the banks of Uzbekistan and a smartphone with the appropriate application.

The Central Bank will continue its work to expand modern types of banking services and improve their availability and quality, based on positive examples of international practice.

As Trend reported earlier, Payme payment service announced that the transfer function from card to card has been introduced in all banks of Uzbekistan.


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