The transactions on purchase and sale of foreign currency between the authorized banks and their clients were carried out at the average exchange rate fixed in interbank trading sessions held in Uzbekistan during the previous week.
By its resolution the Uzbek government abolished this procedure.
According to the decision of the country’s Cabinet of Ministers, the transactions in the over-the-counter market are carried out by the authorized banks at a market exchange rate on the basis of direct contracts.
The government entrusted the Central Bank together with interested ministries and departments to bring their regulatory acts into compliance with this resolution.
The specialists of several commercial banks reported that the normative concept of the over-the-counter market rate and its calculation methodology had not been determined.
At present, there are three exchange rates in the republic – the official rate of the Central Bank without the obligation to sell currency – 4,014.5 sums per dollar, the exchange rate on the “black” market, which is more than twice today – 8,350 sums/$1 and the exchange rate for the payment of import contracts – around 9,000 sums/$1.
Uzbekistan disclosed its intention to launch large-scale liberalization of monetary policy in 2017.
Setting of the exchange rate of the national currency against foreign currencies solely by using market mechanisms was one of the main directions of the new monetary policy. (Trend/Business World Magazine)
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