The 1,000 soum coin will be in circulation alongside the 1,000-soum banknotes of 2001 model in circulation today. So, why was the 1,000-soum coin put into circulation? Kun.uz highlights the events related to 1,000-soum coins.
According to the information of the Central Bank, from December 26, 2022, 1,000-soum coins were put into circulation in Uzbekistan.
According to the regulator, the 1,000-soum coins in circulation will be in circulation alongside (parallel to) the 1,000-soum banknotes of 2001 model in circulation today. That is, 1,000-soum banknotes of the 2001 model will not lose their ability to pay.
Also, these newly issued coins, along with the banknotes and coins currently in circulation, must be accepted by business entities and residents for all types of payments at their value without any restrictions.
Why was the 1,000-soum coin put into circulation?
In early 2021, the CB Chairman, Mamarizo Nurmurodov, answered the question of journalists about the fact that only 1,000 soum notes have not been renewed among all banknotes in circulation in Uzbekistan. The head of the regulator then announced plans for 1,000-soum coins.
“Our goal is not to issue a thousand soum money again in paper form. Unfortunately, the use of coins has disappeared from our lives. We issued 1,000-soums before, but the level of its use has gone out of circulation, our intention is to convert one thousand soums into coins. Because one of the most used currency symbols is a 1,000-soum banknote, a 500-soum coin and a 2,000-soum banknote, therefore, if we change this to a coin form, it will, firstly, reduce the cost of organizing money circulation, and secondly, it will be in a form that is convenient to use,” Nurmurodov said then.
Senate decision that is not made public
In July 2022, a banknote of 200,000 soums was put into circulation. Kun.uz drew attention to the fact that according to the law, the Central Bank must agree with the Senate before issuing money, but the information about the decision of the Senate was not published. After the criticism, the press service of the Senate of Oliy Majlis presented the decision of the Senate Council, which indicated that the design of the new 200,000-soum banknote was approved. In the decision, it is clear that 1,000-soum coins are expected to be put into circulation, and the council approved its design. However, the design of the new coins and when they will be released have not been disclosed.
For information, during 2021-2022, all paper money was issued in a new model around the Great Silk Road theme.
