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22 August, 2019 00:00 00 AM
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Uzbekistan lifts foreign currency controls

AFP, Tashkent

Uzbekistan lifted remaining currency controls on Tuesday, allowing citizens to purchase foreign cash for the first

time as the Central Asian country seeks to attract foreign investment.

The country of 32 million people has looked to diversify its economy since the death of its long time leader Islam Karimov in 2016.

Central bank chairman Mamarizo Nurmuratov said at a press conference that the bank would be allowing the national som currency’s value to be determined “independently in the market”, state media reported.

“Now the Central Bank will not set prices for the sale and purchase of foreign currency,” Nurmuratov said during the press conference on state

television.

In a press release the bank said it would “use market mechanisms to mitigate the effects of external shocks and ensure the balance of key macroeconomic indicators”.

Pressures on the som linked to global economic trends saw its value against the dollar dip nearly four percent last week.

The bank said that commercial banks from Tuesday would begin selling foreign currency in cash form, rather than transferring it onto specialised cards that were introduced after in 2017.

The central bank had previously retained some controls on the som despite allowing a sudden 50 percent drop in the currency in 2017 which brought it closer to its black market value.

Before 2017 Uzbekistan’s currency was subject to strict capital controls, leading to a wide gap between its official exchange rate and the black market rate.

Exporting firms were forced to sell their foreign currencies at the artificially high official rate, discouraging foreign investment.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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