Uzbekistan Printing 50,000-Sum Banknotes to Reduce Cash Wads
It is an amusing novelty for visitors to Uzbekistan that a carrier bag is needed to haul around amounts equivalent to just a few dozen dollars. For Uzbeks, however, it is a major and perennial inconvenience.
So many will have been happy to hear a Central Bank announcement on August 14 that a 50,000-sum note is to enter circulation as soon as next week.
The new note shows storks in flight over a well-known monument on Tashkent’s Independence Square. The note also features an image of the Forum Palace, a building erected in 2009 with the involvement of the late President Islam Karimov’s eldest daughter, Gulnara.
So just how much is this new note worth? Economist Yuliy Yusupov suggested not getting too excited.
“This 50,000 note is less than $10. You can’t exactly call it big. It is long past the time to issue a 100,000 note. What notes in this kind of denomination tells us is that official figures on inflation are simply imaginary,” he told EurasiaNet.org.
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