Tuesday, 21, August, 2018

The Central Bank of Uzbekistan on its website announced the main tasks for 2018:  The procedure of purchase and sale of foreign currency by legal entities and individuals is expected to be simplified, In particular, it is planned to allow the withdrawal of foreign currency cash from local cards, with the network of ATMs to be expanded to this end.

In addition, it is expected to introduce foreign currency exchange via banks’ mobile apps.

Monetary policies aimed at preventing the influence of monetary factors on the inflation will be maintained in 2018. It is envisaged to keep the growth rates of the money supply within 12-14%.

Work will be continued on gradual transition to the inflation targeting regime in the medium term. To this end, "Medium-Term Concept for the Development and Implementation of Monetary and Credit Policies" is expected to be prepared together with the technical mission of the International Monetary Fund.

Issuing a larger denomination note is being considered with gradual replacement of small notes with coins.

It is planned to set up retail "digital" banks and branches and improve remote banking services.

The Central Bank of the Republic of Uzbekistan Law, Banks and Banking Activities Law and Currency Regulation Laws will be amended.

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