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Situation in domestic currency market remains stable — Central Bank

The Central Bank of Uzbekistan stated that the situation in the domestic currency market remains stable and balanced under the current exchange rate dynamics and current economic conditions.

According to the national regulator, this can be explained by the following factors:

- the global recession, along with measures aimed at fighting the pandemic, led to a decrease in economic activity of the population. As a result, there is a reduction in demand for imports and foreign currency;

- it is expected that the demand for banks ' credit resources will significantly decrease in comparison with the initially forecasted level. Again, this is due to a slowdown in economic growth and measures to revise the schedule and extend the maturity of loans to industries affected by COVID-19;

- the formation of an Anti-Crisis Fund, mainly through drawing external resources, serves as an additional source of currency supply;

- increase in the price of gold. This makes it possible to increase the volume of permanent currency interventions carried out on the basis of the principle of neutrality of gold and foreign exchange reserves by 30% compared to 2019.

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