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Home / Politics / Uzbek Government Devaluated the Exchange Rate of t...

Uzbek Government Devaluated the Exchange Rate of the National Currency

Yesterday, the Central Bank of Uzbekistan almost twice devalued the official exchange rate of the national currency. As of September 4, the official exchange rate was 4210.35 soums per US dollar. Since September 5, the rate rises to 8100 soums per dollar.

“The rate of the Central Bank, starting from September 5, 2017, is set at 8100 UZS for 1 USD,” the regulator said in a statement.

The official exchange rate as of September 4 was 4210.35 soums for 1 US dollar. The decision on the devaluation was made on the basis of an analysis of the dynamics of exchange rate factors for 2003-2017. In addition, the results of test transactions on the sale by foreign currency banks to importing enterprises at the contractual rate were taken into account. According to the research, at present the approximate equilibrium rate is about 8000-8150 UZS per 1 USD.

The regulator noted that in the future the official rate will be set every Monday on the basis of the average rate fixed during the trades in the previous week.
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