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Uzbek Central Banker Complains of Shortfalls

A Eurasianet partner post from <a href="http://www.rferl.org/content/uzbek-central-banker-complains-of-shortfal…;

A deputy chairman of Uzbekistan's Central Bank, Ulugbek Mustafaev, has complained in a letter to Prime Minister Shavkat Mirziyaev that the country suffers from a stubborn shortage of traceable funds.

RFE/RL's Uzbek Service has obtained a copy of the letter, which is dated April 10 and marked "For Official Use." 

It highlights Uzbek vulnerability against the backdrop of a tightly controlled economy and a low level of confidence in the national currency and in financial institutions, prompting savers and even institutions to rely heavily on cash -- often in the form of hard currencies like the ruble or dollar.

To tackle the problem, Mustafaev recommends increasing the number of bank machines (ATMs) in the country, developing Internet banking, starting to pay at least half of salaries to employees of the "special contingent" entities electronically rather than in cash, and offering loans for items like automobiles, white goods (appliances), and other consumer products.

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Copyright (c) 2015. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.

A Eurasianet partner post from <a href="http://www.rferl.org/content/uzbek-central-banker-complains-of-shortfal…;

Uzbek Central Banker Complains of Shortfalls

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