Friday, 14, June, 2024

The procedures for buying and selling foreign currency by individuals in Uzbekistan will be simplified. This is stated in the official commentary to the Priority Measures for Liberalizing Foreign Exchange Policy Decree of September 2.

As noted in the commentary, individuals will be able to sell foreign currency at all branches of banks "without restriction to the amount and red tape."

For convenience, it is planned to extend business hours of exchange offices on holidays and weekends, as well as opening extra exchange offices near shopping centers and markets.

Individuals may freely buy and sell foreign currency in bureaux de change and exchange offices of banks with currency transferred to international bank cards and use them abroad, including via bank transfers to pay for tuition fees, medical treatment, etc.

All restrictions on cash withdrawals abroad will be lifted. Fees for sale of foreign currency in exchange offices will be reduced "to minimum rates."

The  UZS to foreign currency  exchange rates will be set on inter-bank foreign exchange trades "solely on the basis of supply and demand," the commentary emphasizes.

In order to ensure free market conditions in exchange rate, the Central Bank participation in interbank trading will be minimized. In some cases, the Central Bank may intervene to prevent excessive volatility of the exchange rate.

 

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