Uzbek monetary authorities recently announced an intention to make the country’s national currency, the som, freely exchangeable. If Uzbek leaders succeed in realizing this goal, it will mark a transformational moment in the country’s post-Soviet economic development.
Preliminary plans to make the Uzbek currency convertible were first aired amid the election of President Shavkat Mirzyoyev last December. The president formalized the idea with a decree this past February that called on the government to promote “economic liberalization aimed at further strengthening macroeconomic stability and the maintenance of high economic growth.”
To read the full story
Gregory Gleason is a Professor of Central Asia Security Studies at the George C. Marshall European Center for Security Studies.