Dollar rate's growth in Uzbekistan slows down
BAKU, Azerbaijan, Apr. 20
By Ilkin Seyfaddini – Trend:
The Central Bank of Uzbekistan notes a slowdown in the growth of the dollar and euro in the country, Trend reports referring to the Central Bank of Uzbekistan.
The Central Bank has published new rates of foreign currencies, which have been in force since April 21; according to them the dollar rose by 17 soum to 10,138 soum, the euro rose by 86 soum and costs 11,026 soum now, while the ruble fell by two soum to 137 soum.
Earlier, the dollar rose sharply by 427 soum, to 10 121 soum; the euro rose by 512 soum to 11,111 soum, and the ruble rose by seven soum to 139 soum.
The Central Bank explained this by several factors, including strong devaluation expectations of the population and entrepreneurs. The bank also noted that the rate is now adjusted to market conditions and no sharp devaluation is expected.
According to the updated forecasts of the Central Bank of Uzbekistan, by the end of 2020, the inflation rate in the country will decrease by one percent against the initial estimates (12-13.5 percent) and will amount to 11-12.5 percent.
The International Monetary Fund (IMF) forecasts a slowdown in Uzbekistan's economic growth to 1.8 percent in 2020.
The World Bank forecasts that the country's economic growth will slow to 1.6 percent in 2020.
The Asian Development Bank is more optimistic and expects the economy to grow to 4.7 percent. Fitch predicts it will grow by two percent.
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