Uzbekistan begins selling foreign currency in exchangers
Baku, Azerbaijan, Aug 20
By Fakhri Vakilov- Trend:
On August 20, commercial banks of Uzbekistan have begun selling foreign currency in cash through exchange offices, Trend reports with reference to the Central Bank of Uzbekistan.
In recent days, an increase in exchange rate volatility has been observed at auctions of the domestic interbank foreign exchange market.
In particular, at the exchange trading on August 20, 2019, the exchange rate of the sum to the US dollar amounted to 9,384 soums / dollar. So, starting from tomorrow one dollar in the country will cost 9,384 soums (+323), and one euro – 10,393.72 soums (+301.58).
These changes in the behavior of the exchange rate lead to the cancellation of the current range of exchange rate fluctuations at interbank trading sessions in order to stabilize the exchange rate taking into account the current supply and demand ratio in the foreign exchange market, read the message.
Recently, there has been a steady increase in demand for dollars in the domestic foreign exchange market. Against the background of the emerging global economic development trend, the Central Bank allows the possibility of strengthening the influence of external factors on the formation of the exchange rate.
The Central Bank will continue to closely monitor the situation in the domestic foreign exchange market and use market mechanisms to mitigate the impact of external shocks and ensure the balance of basic macroeconomic indicators, read the message.
In particular, in conjunction with the Ministry of Finance, coordinated actions will be taken to curb credit and fiscal expansion, which lead to additional pressure on inflation and the exchange rate.
Follow author on Twitter:@vakilovfaxri