Uzbekistan introduces free float for the national currency
Starting from September 5, the national currency in Uzbekistan no longer has a fixed exchange rate against the dollar, according to a new presidential decree.
Uzbeki som has already lost about half its value against the dollar. The current exchange rate, set by the Central Bank, is 8,100 som for 1 US dollar -- two times bigger than the previous official rate and even higher than the black market rate.
The reform by President Shavkat Mirziyoev is another step in making the Central Asian country more open. Uzbekistan's economy is still heavily dominated by the state with little foreign investment.
Limits on buying foreign currencies in banks for individuals and companies have also been abolished.
In April, President Mirzioyev introducer visa-free regime for tourists from 27 nations. Filmmakers and TV crews still require a business visa.
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