Currency exchange volume jumps up in Uzbekistan

Central Asia Materials 8 November 2017 13:52 (UTC +04:00)

Baku, Azerbaijan, Nov. 8

By Nigar Guliyeva - Trend:

Data of the Central Bank of Uzbekistan shows that the volume of currency exchanges increased by 70 percent compared to the same period last year, and sales of foreign exchange earnings by exporters - by half.

The first deputy chairman of the Central Bank, Timur Ishmetov announced about this at a conference in Tashkent, Uzbek media reported.

The population of Uzbekistan sold over $ 500 million to banks in September-October, Ishmetov said.

He further noted the growth of population's deposits in foreign currency, which, in his opinion, characterizes the increase in public confidence in the monetary policy pursued in the country.

The Uzbek authorities launched liberalization of foreign exchange policy in September. In particular, since September 5, 2017 resident individuals have the right to sell currency in exchange offices.

The purchase of currency is carried out in the conversion departments of commercial banks with transfer to international payment cards, which can be used abroad without any restrictions.

Legal entities can acquire currency in banks without restrictions for payment on current international transactions - for the import of goods, works and services, payment of loans, travel expenses and other non-trade transfers.

During the first week after the opening of the conversion, the population sold to banks over $200 million, and legal entities - about $ 100 million.

The official exchange rate for November 8 is 8067.6 UZS / USD.