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Number of Uzbek banks raise dollar rate

Finance Materials 20 January 2021 11:18
Number of Uzbek banks raise dollar rate

BAKU, Azerbaijan, Jan. 20

By Klavdiya Romakayeva - Trend:

Several banks in Uzbekistan raised the dollar rate on January 20, Trend reports referring to the Central Bank of Uzbekistan.

It is reported that most often, there is a proposal to buy a dollar for 10,500 soums, sales - for 10,550 soums.

Last week, the dollar purchase rate amounted to 10,470 soums, and the selling rate accounted for 10,520 soums.

On Monday, the Central Bank of Uzbekistan updated foreign exchange rates. The US dollar for the first time exceeded the mark of 10,501 soums.

Earlier it was reported that the number of both transactions and participants increased in the domestic foreign exchange market in 2020.

The total volume of transactions amounted to $19.5 billion, an increase of 1.7 and 1.3 times compared to 2018 and 2019, respectively.

The companies bought $15.4 billion ($11.7 billion in the exchange market, $3.7 billion in over-the-counter trading) and sold - $ 6.7 billion.

It was noted that the companies bought foreign currency mainly to pay for the import of equipment, goods, and raw materials for industrial purposes (60 percent), consumer goods and medicines (21 percent), as well as to repay foreign loans (15 percent) and other purposes (four percent).

In addition, the population of Uzbekistan sold $4.6 billion (21 percent more than in 2019), bought $4.1 billion (2.3 times more). The volume of remittances amounted to $6 billion.

The Central Bank of Uzbekistan also said that the soum depreciated by 7.2 percent 1H2020. It was explained by a change in external and internal economic conditions due to the COVID-19 pandemic and an increase in demand for the currency.

The exchange rate was relatively stable in 2H2020, dropping by 2.7 percent. In general, in 2020, the national currency depreciated by 10.1 percent against the dollar (from 9,501 soums to 10,461 soums).

It reported that the formation of the exchange rate in 2021 is expected within the framework of a long-term fundamental trend based on supply and demand in the domestic foreign exchange market.

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Follow the author on Twitter: @romakayeva

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