Includes how foreign exchange is managed and implications for U.S. business;
Last Published: 7/3/2019

Uzbekistan adopted Article VIII of the IMF's Articles of Agreement in October 2003 and, thus, committed to currency convertibility for current account transactions.  However, full implementation of the country’s obligations under this article only began in September 2017, when the GOU eliminated the difference between the artificially low official rate and the black market exchange rate, and formally allowed unlimited non-cash forex transactions for businesses.  Formally, foreign investors are guaranteed transfer of funds in foreign currency into and out of Uzbekistan without limitation, provided they have paid all taxes and other financial obligations in accordance with legislation.  Local authorities may stop the repatriation of a foreign investor’s funds in cases of insolvency and bankruptcy, criminal acts by the foreign investor, or when directed by arbitration or a court decision.  New legislation on currency exchange is expected by the end of 2019.

The exchange rate is determined by the CBU, which insists that it is based on prevailing supply and demand (8,440 soum per U.S dollar as of May 2019).  After the almost 50% devaluation of national currency in September 2017, the exchange rate has been relatively stable.
 

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