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Uzbekistan: Evaluating the Chances for a Convertible Currency

Uzbek monetary authorities recently announced an intention to make the country’s national currency, the som, freely exchangeable. (Photo: Patrick Barry via Flickr, CC BY-SA 2.0)

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.”
 

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Gregory Gleason is a Professor of Central Asia Security Studies at the George C. Marshall European Center for Security Studies.

Uzbekistan: Evaluating the Chances for a Convertible Currency

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