Uzbekistan's central bank said on August 10 that it may intervene to prevent any excessive depreciation of the Uzbekistani som (UZS).
The UZS has come under pressure given the depreciation of other currencies such as the Russian ruble, the regulator noted. The weakening of the currencies of trade partners—among which Russia is the second biggest, behind China—has adversely affected inflows of FX through trade and remittances, it added in a statement.
The USD exchange rate rose to a record high of between UZS 12,130 to UZS 12,135 per dollar on August 10. Thus, the US currency rose by more than UZS 400 on the day, the sharpest jump seen in recent years. By the end of the day, the dollar was trading at around UZS 12,070.
Last March, when a similar scenario unfolded, the central bank permitted banks to set the exchange rate themselves and change it during the day.
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