Demand for foreign currency in Uzbekistan has increased over the last two months – Central Bank

The Central Bank has provided information on the situation in the domestic foreign exchange market for 9 months of this year and the expected trends until the end of 2020.

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It was noted that the last two months have seen a relatively high level of demand for foreign currency in the domestic foreign exchange market due to the easing of quarantine restrictions and the gradual recovery of economic activity.

In January-September 2020, a total of $10.7 billion in foreign currency was purchased by businesses in the domestic foreign exchange market.

“During this period, the total supply of foreign currency in the domestic foreign exchange market amounted to $7.0 billion, and the remaining demand of $3.7 billion was fully met with the Central Bank intervention,” the statement said.

“In case of a significant increase in demand for foreign currency in the domestic foreign exchange market, if necessary, foreign exchange reserves in the amount of $300 million, formed from the difference between gold purchases and interventions since the beginning of the year, can be directed to these purposes,” the Central Bank said.