Liberalization Of Forex Control In Uzbekistan

Systematic problems with respect to foreign exchange and repatriation of profits may still be observed in Uzbekistan. Despite legislative guarantees, it may be difficult for a foreign investor to convert profits generated in Uzbekistan to a freely convertible currency in practice.

Realising that this problem has a significant negative impact on the country's economic performance, in November 2016, the Uzbek government released the draft Presidential Resolution "On Priorities of the Foreign Exchange Policy", heralding the large-scale liberalization. Apart from mentioning the intention to abandon the practice of setting official foreign exchange rates (rejection from 'state-controlled' rates in favour of market rates), the draft Decree outlines some changes as follows: