Mamarizo Nurmurodov, Chairman of the Central Bank of Uzbekistan, on September 16, announced the cancellation of currency conversion restrictions for entrepreneurs, Daryo correspondent reports.
During a press conference, the Chairman of the Central Bank responded to economist blogger Otabek Bakirov's opinions and explained that the decision would be canceled regardless of its purpose.
A decision that society has not made is a wrong decision, whatever the goal is,"
Mamarizo Nurmurodov said, referring to a philosophical concept.
Mamarizo Nurmurodov added that the CB's committee convened at night and decided to cancel the decision.
He further explained that there would be no deregulation, and the aim was to strengthen compliance, not limit conversion.
An economist blogger, Otabek Bakirov, has earlier critiqued the decision made by the Central Bank, arguing that the regulator may not have made the decision independently, as it may conflict with the law. 'If that is indeed the case, the Bank's independence is now in question,' the blogger noted.
The Central Bank of Uzbekistan has swiftly rescinded its decision to impose tougher rules on foreign exchange transactions for commercial banks, following negative feedback from the public. These original restrictions were slated to take effect on September 18, but sparked controversy and prompted a reconsideration of the policy.
The initial plan was to require businesses to conduct foreign currency purchases and exchange operations only through the banks where their primary accounts were held. The goal was to increase control over foreign exchange operations and minimize potential risks. However, in a press conference on Saturday, Chairman Mamarizo Nurmurodov announced the reversal of the decision, stressing the importance of considering public opinion when creating policies that impact the nation's economy.