Uzbek banks buy over $300M as free currency conversion is introduced
By Trend
The amount of currency purchased by Uzbekistan’s banks since introduction of free currency conversion on September 5 exceeded $300 million, according to the country’s Central Bank.
Of the total amount of the purchased currency, more than $200 million was sold to the population via currency exchange offices and $100 million was received from exporters. The banks put all of these funds for sale in the foreign exchange market. The demand for foreign currency from legal entities amounted to more than $100 million.
Mainly, the supply of foreign currency is increasing as it is sold both by the citizens and enterprises. The number of foreign currency buyers is growing.
It is planned to start selling foreign currency in cash within a few months.
On Sept. 5, the Central Bank of Uzbekistan devalued the national currency – soum – by almost two times, setting the official exchange rate of US dollar at 8,100 soums/USD compared to 4,210.35 soums/USD on Sept. 4.
Simultaneously, restrictions were lifted for legal entities and individuals to convert the national currency.
Individuals – residents of Uzbekistan – received the right to freely sell foreign currency in exchange offices and buy it in conversion departments of banks with transferring the purchased funds to international payment cards and using them abroad without any restrictions.
This also applies to individual entrepreneurs engaged in the import of consumer goods.
(8,092.13 soums = 1$ on Sept. 15)
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