Uzbek banks may start selling foreign currency in October

By Azernews

By Kamila Aliyeva

Uzbek banks may be allowed to sell foreign currency to the public soon.

Uzbek Prime Minister Abdulla Aripov announced that the government will allow the sale of cash foreign currency to the public from October 1, for the first time in decades, Reuters reported.

However, the Uzbek Central Bank has not yet made any statements on this matter.

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 Sept. 4.

Simultaneously, restrictions were lifted for legal entities and individuals to convert the national currency.

Answering the question on whether the government plans further devaluation of the national currency, the prime minister told reporters that "the market will show this."

Uzbek President Shavkat Mirziyoyev ordered to remove restrictions from September 5 on currency exchange for the population.

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.

At the time, physical persons can only sell currency to banks through exchange offices.