Uzbek Central Bank abolished all restrictions on use of conversion cards
By Kamila Aliyeva
The Central Bank of Uzbekistan lifted all restrictions on the use of conversion cards, the regulator's press service reported.
Thus, the daily and monthly limits on withdrawing cash in ATMs were abolished, with the possibility of withdrawing funds in an unlimited amount.
Country and various target restrictions on the use of conversion cards are a thing of the past. Now you can pay with a card in any shops, hotels and in any place where the cards are accepted for payment.
In addition, conversion cards can be used to pay for medical treatment, training and other transactions directly from a bank in Uzbekistan on the basis of supporting documents (invoices).
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.
Uzbek President Shavkat Mirziyoyev ordered to remove restrictions from September 5 on currency exchange for the population. Previously, he announced upcoming liberalization of the banking sector and transition to a system of free currency conversion.
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.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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