Uzbek Central Bank refuses currency denomination

Finance Materials 20 August 2019 13:04 (UTC +04:00)

Baku, Azerbaijan, Aug 20

By Fakhri Vakilov - Trend:

Denomination in Uzbekistan is not expected, Chairman of the Central Bank of Uzbekistan Mamarizo Nurmuratov said at a press conference in Tashkent on August 20, Trend reports with reference to Legal information Telegram channel.

According to Nurmuratov, denomination always entails serious economic costs. and this is not just a "zero removal".

"The denomination is carried out in conditions of economic stability and strong inflation. Our situation is not as such," the head of the Central Bank told reporters.

He assured that the Uzbek authorities did not want to carry out the denomination.

Nurmuratov also explained that the denomination is carried out in cases when the currency depreciates strongly in conditions of high inflationary pressure, or when the economy is stable and unambiguous inflation figures, for example, are about 3-4 percent, or when there are problems with the calculations.

Rumors of denomination appeared on social networks simultaneously with the dynamic growth of the dollar.

Earlier it was reported that Central Bank of Uzbekistan will no longer set prices for the sale and purchase of foreign currency. Prices for the purchase and sale of currency will now be formed on the market independently.

Moreover, from August 20, commercial banks began selling foreign currency in cash through exchange offices. Starting from August 21, one dollar in Uzbekistan will cost 9,384 soums, and euros – 10,393.72 soums at the Central Bank rate.


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