Interfax
October 2

An International Monetary Fund (IMF) mission will discuss progress in the economic reform in Uzbekistan and the convertibility of the national currency with the Uzbek government, a source in the republic's government told Interfax on Monday.

The mission, headed by Erik de Vrajer, will arrive in Tashkent on September 30 to discuss the government's efforts to lift the remaining limits on the currency market and the Uzbekistan's preparedness to meet Article 8 of the IMF Charter on convertibility of the national currency in current operations.

Uzbekistan promised the IMF to step up structural economic reforms and to lift limits on the convertibility of the national currency in early 2002.

The IMF mission, which visited the republic in late June, positively assessed the government's progress in its monetary and credit policy. The mission said that inflation and the money supply in Uzbekistan had been reduced, but noted the remaining limits in foreign trade.

After the mission's visit, Uzbekistan pledged to finalize currency liberalization within two to three months and to assume commitments under Article 8 of the IMF Charter before the end of this year without financial assistance from the Fund.

In July-September the Uzbek government abolished some bans on currency convertibility for companies and enlarged the sum of foreign currency individuals can freely take from Uzbekistan from $1,500 to $2,000.

The official exchange rate is 974.22 soms to the dollar. The black market rate is 990-1,000 soms to the dollar. The IMF mission will stay in Uzbekistan till October 8.

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