• Sign in
  • 1744009905_435.svg 1744009905_642.svg

  • Latest news
  • Top headlines
  • Most read
  • Columnists
O'zbekcha
Ўзбекча
Русский
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • Latest news
  • Top headlines
  • Most read
  • Columnists
    • USD12559.26
    • RUB160.17
    • EUR14413.01
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +36°C
      • Andijan
      • Karshi
      • Bukhara
      • Samarkand
      • Ferghana
      • Sirdarya
      • Jizzakh
      • Termez
      • Namangan
      • Tashkent
      • Navoiy
      • Tashkent reg
      • Nukus
      • Urgench
    • Daryo
      • About Daryo
      • Editorial office
      • Contact us
      • Terms of use
      • Privacy policy
      • News archive
    • Advertisement
    • Social networks
      • Instagram | Main
      • Instagram | Lifestyle
      • Instagram | Sport
      • Facebook | Main
      • OK | Main
      • YouTube | Daryo
      • YouTube | Daryo in Russian
      • YouTube | Daryo Global
    Telegram Youtube Facebook Instagram Twitter vkontakte
    Daryo logo white
    • Uzbekistan
      • Others
      • Navoi
      • Tashkent region
      • Syrdarya
      • Jizzakh
      • Kashkadarya
      • Surkhandarya
      • Khorezm
      • Bukhara
      • Samarkand
      • Namangan
      • Fergana
      • Andijan
      • Karakalpakstan
      • Tashkent City
      • DaryoKindness
      • Weather
    • Central Asia
      • Uzbekistan
      • Afghanistan
      • Kyrgyzstan
      • Kazakhstan
      • Turkmenistan
      • Tajikistan
    • World
    • Money
      • Business
      • Economics
      • Finance
      • Crypto
    • Culture
      • Movies
      • Books
      • Music
      • Celebrities
    • Lifestyle
      • Women only
        • Children
        • Beauty
        • Carrier
        • Advises
        • Fashion
        • Recipes
      • Technology
        • Architecture
        • Gadjets
        • Science
        • Space
        • Media
      • Auto
      • Entertainment
      • Travel
      • Health
      • Education
        • Entrant
        • Learn english
    • Sport
      • Football
      • UFC
      • Boxing
    infinix
    Daryo.uz - Login
    Daryo.uz Daryo.uz
    Daryo.uz - Login
    Uzbekistan

    Public outcry leads to reversal of currency conversion restrictions in Uzbekistan

    Public outcry leads to reversal of currency conversion restrictions in Uzbekistan

    In a swift response to public outcry and widespread criticism, the Central Bank of Uzbekistan has canceled its decision to impose stricter requirements on foreign exchange operations for commercial banks. The initial restrictions, which were set to take effect on September 18, had generated significant controversy, leading to a reevaluation of the policy.

    Press conference held at the Central Bank
    Photo: Press conference held at the Central Bank
    Source: Daryo

    The controversial decision, announced earlier this week, would have mandated that foreign currency purchases and foreign exchange operations for businesses could only be conducted through the banks where their primary accounts were held. This move was intended to tighten control over foreign exchange operations and minimize potential risks.
    However, in a press conference held at the Central Bank on September 16, Chairman Mamarizo Nurmurodov conceded to public sentiment by announcing the decision's reversal. He emphasized the importance of society's input in shaping policies that affect the nation's economy.

    "The decision received yesterday has sparked heated discussions. The main issue is that we did not see any positive aspects of this decision. In philosophy, there is such a concept that a decision not accepted by society is the wrong decision. Regardless of what purpose it was aimed at... based on the same principle, we canceled this decision after thinking at night," Nurmurodov stated.
    Press conference held at the Central Bank
    Photo: Press conference held at the Central Bank
    Source: Daryo

    Nurmurodov went on to explain that the primary intention behind the initial decision was to instruct commercial banks to be vigilant in preventing potential risks. However, the Central Bank now acknowledges that such policies should be subject to scrutiny and discussion within the wider society.

    "We emphasize the need for independent decisions by the Central Bank, and we say that decisions should be discussed with society. We have decisions that are subject to discussion with society - they are separate. In this case, we point out the shortcomings in the bank's operations and seek to correct them. It was a warning to banks in the sense that they cannot make the supervision of the bank stronger, and danger is approaching, take preventive measures," Nurmurodov added.
    Central Bank of Uzbekistan
    Photo: Central Bank of Uzbekistan
    Source: Google Images

    The Central Bank's willingness to listen to the concerns of the public and respond by canceling the decision demonstrates a commitment to inclusive decision-making and fostering a healthy dialogue between the government and the people.

    This episode highlights the importance of engaging with the public when implementing significant economic policies, underscoring the principle that a decision not made in consultation with society may be perceived as a wrong decision. It also serves as a reminder of the role that public opinion and discourse play in shaping government policies and actions in Uzbekistan.

     

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

    16.09.2023, 17:01   Comments (0)   2688
    Facebook Twitter LinkedIn Telegram Email

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    Chairman of Uzbekistan's Central Bank, Mamarizo Nurmurodov, responds to blogger's claim that bank had 'lost its independence '

    16.09.2023, 16:20

    Uzbekistan marks 36 years of success under the Montreal Protocol for Ozone Layer Protection 

    16.09.2023, 15:27

    Individual in Uzbekistan's Jizzakh attempts to purchase iPhone with counterfeit currency

    16.09.2023, 12:10

    Mansion with 51 rooms in Uzbekistan sells at auction for UZS 33.3bn

    16.09.2023, 00:38

    Uzbekistan: key global player in uranium industry

    15.09.2023, 17:58

    President of Uzbekistan finishes his diplomatic visit to Tajikistan

    15.09.2023, 17:44
    ×Lightbox Image

    Daryo.uz | Solution to your problems


    Don't want to waste time standing in lines? Pay your utility bills through the Ipoteka Retail mobile app?


    Beepul 's rising popularity: 3.5x user growth, transaction up 2.3x in 2024


    More than 500,000 new users: residents of Uzbekistan choose the Hambi superapp


    Beeline Uzbekistan started 2025 with a significant network modernization

     

    Recommended

    Iran as the pressure point: How Washington’s campaign against Tehran seeks to undercut China and Russia - and why Central Asia risks the fallout

    19 June, 12:24

    "Visa simplification with Uzbekistan could be on the table," EU Ambassador Klaar points out

    11 June, 12:12

    “Uzbekistan is undergoing large-scale reforms and transformation,” says EU business leader at TIIF

    11 June, 08:34

    Central Bank warns half of monthly income goes to loans as debt burden rises in Uzbekistan

    3 June, 12:34
     
     
     

    Latest news

    Uzbekistan, Afghanistan ink $9.5mn leather footwear export deal

    Uzbekistan | 21 June, 15:50

    Locusts sweep across 500,000 hectares in Uzbekistan as authorities intensify control measures

    Uzbekistan | 21 June, 12:32

    Uzbekistan's Kashkadarya region poised for $15bn growth as Mirziyoyev pushes reforms and investment

    Uzbekistan | 21 June, 10:36

    Kazakhstan boosts waste recycling from 1% to 25% in a decade, targets 40% by 2030

    Kazakhstan | 20 June, 15:30

    Uzatom, Rosatom sign agreement to explore feasibility of high-capacity nuclear plant in Uzbekistan

    Uzbekistan | 20 June, 14:36

    Uzbekistan signs $68mn in export contracts at Turkic States Trade Forum in Baku

    Uzbekistan | 20 June, 12:34

    Brilliant minds of Uzbekistan: How one woman from Tashkent is shaping the future of legal AI - interview with Malika Khikmatillaeva

    Uzbekistan | 20 June, 11:00

    Uzbekistan fines 13 banks in May amid heightened regulatory scrutiny

    Uzbekistan | 20 June, 10:30
    Daryo About Us

    Full reproduction or partial quoting of material, as well as the use of photographic, graphic, audio and/or video materials of Daryo (the Uzbek Press and Information Agency (UzAPI, now the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan) is registered on 13.03.2015 with certificate number No. 0944 as a mass media) is allowed if there is a hyperlink to the website daryo.uz and/or are accompanied by a note indicating the authorship of the online publication Daryo. Individual publications may contain information that is not intended for users under the age of 18. Info@daryo.uz

    Telegram Youtube Facebook Instagram Twitter vkontakte

    © Simple Networking Solutions, 2013–2025

    Age restriction

    Did you find a bug? Press Ctrl + Enter

    • Terms of use
    • Privacy policy
    • Advertisement
    What are we going to search for?

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Google

    or with email

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Register Now

    Already registered? Login.

    Google

    or with email

    A password will be e-mailed to you.

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Found an error in the text?

    ×

    Thank you. We have received your message and will fix the error as soon as possible.