Liberalization Of Forex Policy

On September 2, 2017, the President of Uzbekistan adopted a long-awaited decree on liberalization of the forex policy in Uzbekistan, which provides for high-priority measures for "opening" foreign currency conversion and dealing with possible negative consequences of such liberalization. The Decree expressly proclaims that the state forex policy must only be based on market mechanisms for the determination of foreign currency exchange rates.

The new forex policy comes into force starting from September 5, 2017.

Below we list the most significant changes provided by the Decree, the developments that followed from this Decree and describe the short and mid-term plans of the Government in this sphere.