Is there a plan to create a new currency instead of the soum? The chairman of the Central Bank answered

The current situation does not require the development of a new currency instead of the Uzbek soum. Chairman of the Central Bank Mamarizo Nurmurodov informed about this in a conversation with journalists on October 26. Mamarizo Nurmurodov said that the main factor that increases the value of money is economic growth. "It is not expected that the exchange rate will depreciate against the dollar and increase significantly. If we analyze the past 9-month period, the depreciation of the dollar was 8.3 percent. Our inflation was equal to 9.2%. This is a matter that really worries us and is our main goal. It is necessary to understand one thing correctly, changing money does not increase its value. That is, if we do not achieve certain positive growth and changes in the economy, we will not be able to influence the exchange rate. Money exchange is a technical situation. Our current situation and future plans do not require it. This issue is not foreseen in the near, medium and long term," said the Chairman of the Central Bank. Earlier, Mamarizo Nurmurodov said that the Uzbek soum depreciates by 6-7% per year. "If we analyze the change of the exchange rate in Uzbekistan since 2017, i.e., since the liberalization of the foreign exchange market, until today, ours is much lower than the currency devaluation in many countries. From this point of view, our national currency has been depreciating by 6-7% on average for more than 4 years. This means that there is no reason to say that the currency is depreciating when inflation is above 10 percent. Economic growth is also the fruit of this course. Since one dollar is 11,500 soums, there is no reason to call the Uzbek soum a weak currency," he said.

Source: daryo.uz