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Commercial banks of Uzbekistan begin to depreciate dollar

Finance Materials 5 May 2020 13:27 (UTC +04:00)
Commercial banks of Uzbekistan begin to depreciate dollar

BAKU, Azerbaijan, May 5

By Ilkin Seyfaddini – Trend:

Commercial banks in Uzbekistan began lowering the dollar price on May 5, Trend reports citing Uzbek media.

"There are offers to buy and sell $1 for 10,100 soum and 10,150 soum respectively. Last week, for example, the corridor was up to 10,180 soum," the report said.

The U.S. currency is cheaper in banks as the dollar rate, published by the Central Bank, has weakened this week for the second consecutive week since the beginning of March.

That rate, in turn, is based on trading on the Uzbek Currency Exchange. One dollar there costs 10,134 soum.

According to the Central Bank of Uzbekistan, as of May 5, 2020, the U.S. dollar rate was 10,129 soum.

On April 20, President of Central Bank of Uzbekistan Mamarizo Nurmuratov said there will be no shortage of foreign currency in Uzbekistan, as the Central Bank received $200 million in advance from the Federal Reserve Bank of New York.

It was reported that the Central Bank intends to buy additional $400 million, on May 5, on the basis of requests from banks.

According to the head of the Central Bank, the currency position (the ratio of the bank's claims and liabilities in foreign currency) in US dollars is set at 10 percent, and for all foreign currencies - 15 percent.

The Central Bank's basic inflation forecast for the end of 2020 has been revised downward, from 12-13.5 percent to 11-12.5 percent.

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Follow author on Twitter: @seyfaddini

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