Tashkent has published the exchange rate of the Uzbek national currency, the so’m, against Tajikistani somoni for the first time.
According to information posted on Uzbek central bank’s website on September 4, the current exchange rate of the so’m against the Tajik national currency, the somoni, is 920.45:1.00.
Recall, the Uzbek government decided to liberalize currency regulations as of September 5.
The government made the announcement online on September 3.
Under the new regulations, the Uzbek currency, the so’m, will no longer be fixed to the U.S. dollar, while restrictions on the amount of foreign currencies individuals and companies can buy will be abolished.
The government decree said that instead of automatically pinning its currency — the so’m — to the U.S. dollar, it would allow its value to be determined by market forces.
The decree said the existing foreign-currency regulations “created an inefficient system of privileges and preferences for individual industries and business entities.”"
It said the central bank would still have the responsibility of maintaining the so’m’s stability.
In addition, citizens and organizations will be able “without limitations, to purchase foreign currencies in commercial banks for use in regular international transactions,” the decree said.
