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Uzbekistan bans foreign currency trading
Wednesday February 06, 2013 07:08:14 PM,
RIA Novosti
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Tashkent: Uzbekistan has made trading with foreign currency a criminal
offence, the latest in a string of measures aimed at preventing
the global market slump from eating into the Central Asian
republic's reserves.
"The State Tax Committee warns entrepreneurs and individuals they
will be held liable for making settlements in cash foreign
currency in the sphere of retail trade and services, including
criminal liability," the committee said.
From Feb 1, Uzbekistan banned the sale of cash foreign currency to
individuals in an apparent move to alleviate the foreign currency
deficit in the former-Soviet republic.
Uzbekistan has suffered from a slump in world commodity prices in
recent years, exporting less cotton and gas, the major sources of
its budget revenues, due to falling demand.
World prices for cotton have fallen in recent years, while Russian
energy giant Gazprom is buying less gas from Uzbekistan due to
lower demand from European consumers.
Car dealers in Uzbekistan often illegally sell locally produced
vehicles for foreign currency.
A month ago, Uzbek authorities announced air tickets would also be
sold also for foreign exchange only, in a bid to bring in foreign
currency from expatriate workers.
The foreign currency exchange rate on the Uzbek black market is
about 30 percent higher than the official exchange rate set by the
republic's central bank.
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