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Uzbekistani currency Som devalues by 92 percent

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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.

Central Desk
Central News Desk.

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