By Ilkin Seyfaddini – Trend:
BAKU, Azerbaijan, Apr. 16
Neither the Central Bank of Uzbekistan nor the government of the country intends to interfere in the exchange rate in the market, Trend reports citing the Uzbek media.
The Central Bank Chairman Mamarizo Nurmuratov announced this during an online briefing on April 15.
"If we now interfere and violate market rules, it will be very difficult to fix it later," the chairman said.
He noted that currently, the exchange rate has levelled off as a result of the situation in the world markets. Along the soum, other currencies also depreciated including Kazakh tenge (11.5 percent), the Kyrgyz som (11.2 percent), the Russian ruble (10.3 percent), the Turkish lira (7.6 percent) and the Tajik somoni (5.8 percent).
According to the Central Bank, in 2019, at unchanged prices, gold and foreign exchange reserves increased by $237 million, while the rate of soum to the U.S. dollar devalued by 13.9 percent.
The dynamics of the soum rate is formed under the influence of internal and external economic conditions, which directly determine the level of supply and demand in the domestic foreign exchange market, the message said.
As of April 1, the volume of gold and foreign exchange reserves in the country amounted to $29.8 billion, which is $1.2 billion more than on March 1.
Reserves are still very poorly diversified - almost everything is stored in the form of monetary gold ($17.4 billion) and foreign currency ($12.3 billion), the message said.
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