CB refutes rumors that withdrawing cash from ATMs in Uzbekistan would be commission-free

On October 11, news began to spread on social networks that the commission for withdrawing cash from ATMs in Uzbekistan will be 0 percent.

For several years, many Uzbeks have been asking the question: why do we have to pay a commission to get our money? So this news spread widely on social networks and discussions began.

In order to clarify the situation, Kun.uz contacted the CB press service. As it turned out, such discussions did not even take place.

Economist Shukhrat Kurbanov wrote that the rumors spread after the meeting held at the Ministry of Finance on October 11, but the discussions were not within the framework of commissions, but within the framework of the need to develop ATMs and expand infrastructure.

“The main task is not to make commissions “zero”, but to increase the volume of services.

As for the commission fees, I would like to remind you that according to the law “On banks and banking activity”, tariffs are determined by the banks themselves,” the economist wrote.

“Zeroed” commission works to the detriment of the people

The topic of the “zeroed” commission, which has become a topic of discussion for most Uzbeks, was raised again under the pretext of rumors. Economists have written about why it is harmful to the people if banks provide services without commission.

Economist Otabek Bakirov reminded of the situation in Uzbekistan when ATM commission was zero.

“There was an office firm “V” with preferential conversion rights. They used to sell a 50-euro terminal for 500 euros, a 50-cent card for 5 euros. Everyone had to get it from this office. Collected money and margin were naturally driven aside (they established Uzbek neighborhoods in Latvia, bought apartments and mansions in London, Paris and Dubai). Naturally, the entire cost, increased tenfold, would then be spread over other services. It is free to withdraw cash from an ATM, but no bank would deposit money into the ATM, and no one would withdraw money from the ATM. Whoever needed cash, he knew how to get it at what percentage and where,” he wrote.

The author of Davletov.uz channel Kobil Khidirov, referring to the Ministry of Finance, reported that the news that the commission for cashing out of cards of commercial banks, which are shareholders of state banks, will be canceled at ATMs is not true.

According to the ministerial experts, if the commission is canceled, banks will not be interested in developing the network of ATMs. Especially in remote areas, ATMs work at a loss because of the high costs.

More than 4,000 people took part in one of the online polls, and 63% of them positively assessed the abolition of the 1% commission fee for ATMs.

There are some Twitter users who commented on the messages of this content that this is bad news, that the banks will not be able to cover their expenses, and as a result, there will be no money in the ATMs after a month or two.