On January 9, the Board of the Central Bank of Uzbekistan adopted a regulation to further improve operations for the purchase and sale of a currency on the domestic foreign exchange market.
This regulation approved the “Strategy of currency interventions of the Central Bank for 2021-2025”, which outlines the principles, forms, goals and objectives of the bank’s foreign exchange interventions.
Starting February 15, 2021, the regulation provides for the following changes in the practice of purchasing and selling currency on the domestic foreign exchange market:
- Transfer of trade sessions on the Uzbek Republican Exchange from the current method of trading (“fixing”) to the combination of “call auction” and bilateral continuous auction (“matching”);
- The holding of trade sessions on the purchase and sale of a currency on the exchange through the “Online platform” from 10:00 to 15:00;
- Conversion of currency trading from T+0 (today) to T+1 (the next day);
- Abolition of the practice of commercial banks bidding on currency exchange on behalf of customers: the foreign exchange transactions of commercial banks with economic entities are carried out directly through a foreign exchange position.
The official exchange rate of foreign currencies for accounting, statistical and other reporting and for the calculation of customs and other mandatory payments in the territory of Uzbekistan, will be established and published by the Central Bank on the official website and social media pages at 16:00 every business day.