Uzbekistani currency Som devalues by 92 percent

BusinessUzbekistani currency Som devalues by 92 percent

Tashkent, Uzbekistan: Uzbekistani Som (Soum) is devalued by 92 percent for the liberalization of monetary policy and to develop compatibility with international banking system.

The step has been taken in connection with the presidential decree ordered by President Shavkat Mirziyoyev.

According to official media, the decision comes into force on September 5 (today) and was adopted in connection with the decree of the President of the Republic Shavkat Mirziyoyev on the liberalization of monetary policy.

According to today’s currency exchange rate, market exchange rate is set as 8,100 soums per US dollar while it was 3,900 to 4,210.35 soums per US$ before Eid holidays.

Uzbek currency Soums had been stable and almost in a fix cap position for the last several years and only 3% devaluation was reported in August 2017.

“Uzbek economy is growing and industrialization is increasing therefore free monetary policy was needed to deal with international economy. The presidential decision is perfect and in time”, said economist Aziz Abdulav when asked by Dispatch News Desk (DND) News Agency.

It may be mentioned that President Shavkat Mirziyoyev took his office in December last year and Uzbek economy started opening up according to international dynamics and national currency rate was around 3,200 soums per US$ in January 2017 that is now gone to 8,100 per US$. Such sharp devaluation of the soum is reported for the first time in two decades.

Uzbekistani Som devalues by 92 percent
Uzbekistani Som devalues by 92 percent

It may be mentioned that the Central Bank of Uzbekistan is now following the policy of opening up control and devolution is also reported against other all other foreign currencies.

According to CBU, exchange rate will remain 8,000-8,150 soums per US dollar but currency will revalue by every Monday.

Must read

Recent News

Best made in Pakistan shampoo brands

Best Made in Pakistan Shampoo Brands for Hair Growth

0
If you are looking for the best made-in-Pakistan shampoo brands for Hair Growth, you are at the right spot. We have listed all the...
Best Shampoo for Hair Growth in Pakistan

Best Shampoo for Hair Growth Available in Pakistan 2024

0
The only part of your body that you don't want to be smoothly textured is your head where you want your hair never to...

‘UN Report proof of Israeli genocide against Palestinians’, says PM Shahbaz Sharif

0
ISLAMABAD, Pakistan: Prime Minister Shahbaz Sharif has demanded immediate action from international community on the recent report of the UN Office for the Coordination...

Chaudhry Salik Hussain reaches Cairo for International Conference

0
CAIRO, Egypt: The Federal Minister for Religious Affairs and Interfaith Harmony Chaudhry Salik Hussain has arrived in Cairo on a five-day official visit.The minister...

2 children killed in Pishin blast, Mohsin Naqvi denounces

0
ISLAMABAD, Pakistan: At least 2 children were killed while 10 people including two policemen were injured when an explosion went off on Saturday near...
Advertisement