Uzbekistan: Official Currency Trading Hints at Size of Black Market
In the first week following the government’s decision to make the national currency officially convertible, households and businesses in Uzbekistan bought around $300 million worth of Uzbek sum, a leading financial regulator has said, offering some hint of what has been happening on the black market.
Timur Ishmetov, first deputy chairman of the Central Bank, said that citizens exchanged around $200 million in the banks following the September 5 big bang event that saw convertibility introduced and the official rate of the sum dropped from 4,210 to 8,100 against the dollar. Ishmetov said that another $100 million worth of sum were sold to local export companies on the stock market.
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