Banks receive right to sell currency at market rate

Tashkent, Uzbekistan (UzDaily.com) -- Commercial banks of Uzbekistan received a right to sell currency at a market rate for certain transactions in the over-the-counter foreign exchange market.

The Government of Uzbekistan adopted a resolution on 30 June 2017, which amended the regulation the procedure for conducting transactions for purchase and sale of foreign currency in the over-the-counter foreign exchange market.

The Government of Uzbekistan, in particular, abolished the rule on conducting operations for the purchase and sale of foreign currency between authorized banks and their clients on the average value of rates recorded in interbank trading sessions, held during the previous week.

The document said that the conversion of receipts in soums, received from sale of imported consumer goods, will not be conducted at this exchange rate.

According to Norma.uz, the banks not have the right to conduct transactions in the over-the-counter foreign exchange market on the basis of direct contracts at a market rate.

Telegram
Subscribe to our Telegram channel to keep in touch with latest news. Open this link in any device and click Join button.