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Home / Politics / Conversion from Today: What Is Changing?

Conversion from Today: What Is Changing?

The procedures for the purchase and sale of foreign currency by individuals in Uzbekistan will be simplified. This is stated in the official commentary to the Presidential Decree ‘On priority measures for the liberalization of foreign currency policy’ of September 2, which provides for the opening since September 5 of free access to the purchase and sale of foreign currency.

As noted in the commentary, the purchase of cash foreign currency from the population will be carried out by all branches and mini-banks of commercial banks “without restriction in volumes and bureaucracy.”

For the convenience of citizens, it is planned to introduce an extended mode of operation of exchange offices on holidays and weekends, as well as opening additional exchange offices in branches of banks and mini-banks mainly in major shopping malls and markets.

Sale of foreign currency to individuals will be carried out in the conversion departments of commercial banks with crediting of funds to international payment cards for use abroad, including payment through bank accounts for training, medical treatment, etc.
All available restrictions on the use of an international payment card abroad are withdrawn. The amount of commissions for the sale of foreign currency through the conversion departments will be reduced ‘to the minimum level.’

The exchange rate of the national currency in relation to foreign currencies will be established on inter-bank electronic exchanges of the currency exchange ‘solely on the basis of supply and demand,” the commentary emphasizes.

In order to create market conditions for the formation of the exchange rate, the participation of the Central Bank in inter-bank trading will be minimized. In some cases, the Central Bank may conduct transactions for the purchase and sale of foreign currency to prevent excessive volatility of the exchange rate.

It should be noted that as an initial stage of state support, funds in the amount of $ 655 million have already been injected into the authorized capital of state-owned banks. A mechanism has been introduced to provide refinancing loans to banks to maintain liquidity.

In the comments to the Decree it is also noted that in order to minimize the influence of exchange rate liberalization on the domestic pricing of goods and services, especially consumer goods, it is entrusted to radically revise the current norms and rates of customs payments.

In addition, the Republican and permanent territorial commissions for monitoring and controlling prices for basic types of socially important food products are charged with ensuring price stability and prompt saturation of the markets with consumer goods.

It should also be noted that in order to create favorable conditions for the development of business activities, this Decree allows repayment of loans issued in foreign currency in national or foreign currency, based on credit policy and on the basis of an agreement between the parties.
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