Reuters
November 1
zbekistan's Central Bank said on Thursday it was lowering its official exchange rate to 680.90 soum per dollar from 433.70, fully standardising it with the over-the-counter rate.
Last week, the Cabinet of Ministers agreed that from November 1 the Central Bank rate would be the standard for accounting and statistics, as well as calculating customs duties and other payments to the budget.
This would also be the rate for servicing credits drawn up under government guarantee and for the sale of 100 percent of currency earnings from centralised exports carried out on the over-the-counter market.
This establishes a three-tier system of currency exchange in Uzbekistan - the Central Bank rate, standardised with the over-the-counter rate, at $1=680.90 soum, the cash rate at exchange offices at $1=890-910 soum and the "black market" rate at around $1=1,300 soum.
Uzbekistan began gradually liberalising its currency regime at the beginning of 2000, but does not yet have a fully convertible soum for current account operations.