Uzbek central bank allows currency float

AKIPRESS.COM - The Central Bank of Uzbekistan will not set the prices for the sale and purchase of foreign currency, they will freely float, Central Bank Chairman Mamarizo Nurmuratov told a press conference on Tuesday.
"Now the exchange rate will be formed by buyers and sellers. This is an objective economic necessity," UzReport quoted Nurmuratov as saying.
On Tuesday, the regulator said that it allows the possibility of increasing the influence of external factors on the formation of the exchange rate.
Nurmuratov pointed out steady increase in demand in the domestic forex market, caused by "a decline in the price competitiveness of domestic producers in the foreign and domestic markets."
Additionally, the Central Bank allowed commercial banks to sell foreign currency in cash.