Uzbekistan to launch money transfers abroad in soums
By Kamila Aliyeva
Banks of Uzbekistan will launch a service to transfer money abroad in soums from December 1, 2017.
Today, Uzbek people have a serious demand for the service of transferring certain amounts abroad, for example, for relatives who are studying or being treated abroad.
However, the population is still unable to use money transfers to the full, even after the opening of the conversion, since banks accept currency for sending abroad only in cash. Nevertheless, the situation is expected to change in the near future.
"We will introduce this service ahead of schedule, on December 1. As a result, people wishing to send foreign currency abroad, but who do not have it available, will be able to do this in soums. They will have to come to banks with the national currency. There, it will be accepted and automatically converted into foreign currency and sent abroad," First Deputy Chairman of the Central Bank Timur Ishmetov said during the meeting of the International Press Club.
The Central Bank of Uzbekistan devalued the national currency – soum – by almost two times on September 5, setting the official exchange rate of US dollar at 8,100 soums/USD compared to 4,210.35 soums/USD on September 4.
Simultaneously, restrictions were lifted for legal entities and individuals to convert the national currency.
In the first week after restrictions were removed, the population handed over $200 million to banks, and legal entities - about $100 million.
Currently, Uzbek people can buy foreign currency solely on plastic payment cards, which can be used 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.
Over the past time, Uzbek banks have received more than 1.5 billion dollars from the population and business.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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