Uzbek soum strengthens against dollar and euro

Uzbekistan Materials 10 October 2017 13:13 (UTC +04:00)

Baku, Azerbaijan, Oct.10

By Kamila Aliyeva – Trend:

The Central Bank of Uzbekistan has established foreign exchange rates for a soum for accounting, statistical and other reporting on currency transactions as well as the calculation of customs and other mandatory payments since October 10, 2017.

Compared to the previous week, the dollar fell by almost 9 soums and the euro by 43.28 soums.

The official exchange rate of U.S. dollar and euro to Uzbek soum for October 10 was set at 8052.08 soums and 9450.73 soums, respectively.

Uzbek Central Bank devalued the national currency – soum – by almost two times on September 5, setting the official exchange rate of U.S. dollar at 8,100 soums/USD compared to 4,210.35 soums/USD on Sept. 4.

Simultaneously, restrictions were lifted for legal entities and individuals to convert the national currency.

Individuals – residents of Uzbekistan – received the right to freely sell foreign currency in exchange offices and buy it in conversion departments of banks with transferring the purchased funds to international payment cards and using them abroad without any restrictions.

Earlier, individual entrepreneurs and farmers in Uzbekistan were allowed to withdraw foreign currency from their bank accounts.

In addition, legal entities can purchase foreign currency in banks without restrictions for payment on current international transactions - for the import of goods, works and services, repatriation of profits, repayment of loans, travel expenses and other non-trade transfers.

At the time, physical persons can only sell currency to banks through exchange offices.