Central Bank dismisses rumors of new 500,000-soum banknote

The Central Bank of Uzbekistan has dismissed reports circulating on social media regarding the imminent issuance of a new UZS 500,000 banknote, clarifying that the information is entirely unfounded.

Photo: Central Bank

Recent social media posts claimed that a new highest-denomination bill featuring the image of the historic astronomer and ruler Mirzo Ulugbek was being prepared for circulation. Responding to these claims, the financial regulator stated that this information does not correspond to reality. The Central Bank emphasized that the introduction of any new banknote denomination is not currently being considered.

The regulator reminded the public of the legal framework governing national currency operations. According to Article 39 of the Law "On the Central Bank," the face value of banknotes and coins in Uzbekistan is determined exclusively by the regulator. Furthermore, under Article 40 of the same law, the Central Bank holds the sole authority to issue banknotes and coins into circulation within the territory of the country.

The official process for launching new currency designs involves a strict legislative procedure. Only after receiving formal approval from the Senate does the Central Bank publish a detailed description of the new banknote design and release official information regarding its release date through mass media outlets.