Uzbekistan’s Central Bank devalued the national currency by 92.38%

Almaty. September 5. Silkroadnews – The Central Bank of Uzbekistan (CBU) has devalued the national currency by 92.38%: from 4210.35 soum (on August 29) to 8100 soum (as of September 5) per $1, the Uzbek Telegraph Agency (UzTAG) reports with reference to regulator’s press-service.
According to the CBU, the euro was set at 9645.48 soum (4678.6 soum higher compared to previous week’s exchange rate), the ruble exchange rate - 139.91 soum (68.73 soum higher).
Based on analysis of the exchange rate factors dynamics for 2003-2017, and also taking into account the results of test transactions on the banks’ sale of foreign currency to importing enterprises at the contractual rate, the approximate equilibrium level of the exchange rate currently stays within 8000-8150 soum per $1, the report said.
As explained, the Central Bank will continue to set the exchange rates every Monday as the average value of the rates fixed at the trades of the currency exchange in the previous week. These rates will be used for accounting purposes, statistical and other reporting on currency transactions, as well as for calculating customs and other mandatory payments on the territory of the Republic Uzbekistan.
“According to the Central Bank, the Uzbek Republican Currency Exchange will conduct daily interbank trading sessions on purchase and sale of foreign currency, where the exchange rate will be determined on the basis of the current supply and demand for foreign currency and published on the currency exchange’s website”, the publication says.
As reported, on September 2 President of Uzbekistan Shavkat Mirziyoyev signed a decree “On priority measures for liberalization of currency policy”, saying the exchange rate of hard currency to national currency will be set on market mechanisms and resident-citizens of Uzbekistan will be able to sell foreign currency at exchange rates at the market rate and purchase it for conversion cards for use abroad without any restrictions.
The amount of commissions for purchase and sale of foreign currency is established by the commercial bank independently.