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Uzbek currency rate not to change significantly until year end: Central Bank

18 September 2018 18:44 (UTC+04:00)
Uzbek currency rate not to change significantly until year end: Central Bank

By Trend

The Central Bank of Uzbekistan does not expect significant fluctuations in the currency exchange rate during the remaining months of 2018.

On September 18, the US dollar and the euro rose sharply in Uzbekistan compared to last week. The US dollar rose by 176.83 soums and reached 8,039 soums, euro rose by 266.16 soums to 9,347.75 soums.

The Central Bank noted that since August 2018, the external factors, especially devaluation of currencies of the main trade partners (Russia – 19 percent, Kazakhstan – 17 percent, China – 9 percent, Turkey – 56 percent) has influenced stronger the soum rate.

The devaluation of the currencies of the main trade partners has resulted in a significant growth of the real exchange rate of the soum against these currencies (by 29 percent against the ruble, by 22 percent against tenge, by 67 percent against lira, by 14 percent against yuan).

Under the influence of these factors, beginning from August 2018, the market correction of the soum rate has been observed. Thus the rate is 8,062 soums per $1 as of September 18.

At the same time, no significant exchange rate fluctuations are expected during the remaining months of 2018.

The Central Bank noted that the regulator, as before, will intervene in the foreign exchange market to prevent excessive volatility of the exchange rate, without affecting its fundamental trends.

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