Uzbek sum exchange rates

[Traveller11]

Thanks for the information okwell.

I find it unbelievable that an exchange organisation in Europe is quoting a rate of exchange on the USD that is less than 50% of the rate being offered by the central bank in Uzbekistan.

Guess I need a 'Few Dollars More' before we set off and leave the plastic at home!

[bwv812]

Official exchange rates of the central bank since 05.09.2017 are: 1USD = 8100.00 sum, 1 EUR = 9645.48 sum.
Black market: 7650/7750 sum

Those may be the rates at which they will sell dollars to you, but they're certainly not the rates at which you can exchange your dollars for sum. If it was, there would be no black market.

[olmo]

Uzbekistan just dropped the artificial exchange rate on September 5:
https://www.ft.com/content/9e8e1839-9d8 ... a57b631a9f
https://www.rferl.org/a/uzbekistan-curr ... 14017.html

Guess that would mean people could use ATMs like anywhere else.

Wondering if this will affect the bloated USD hotel prices? And it apparently means those companies, who could buy USD at the official rate, no longer enjoy this "privilege".

[Traveller11]

Just looked at and read the article in the link from olmo and saw this:

"Islam Karimov, the ex-Soviet republic’s first ruler under independence, had pinned the value of the som to the dollar.

But the policy has led to a flourishing illegal market as the difference between the official exchange rate of 4,210 soms to the dollar has soared on the black market.

Banking sources told Reuters that the initial rate would be set slightly above the black-market rate, currently about 7,700 soms to the dollar.

The moves come as President Shavkat Mirziyoev, who replaced Karimov after his death was announced in September and was subsequently elected, has taken steps to reduce the isolation of the Central Asian country of some 30 million people."

It would be interesting to see if anyone who is currently in the country and reads this is able to find out what the exchange rate is at a bank?

Fingers crossed!

[okwell]

It would be interesting to see if anyone who is currently in the country and reads this is able to find out what the exchange rate is at a bank?

As I said, the exchange rate is 8100 sum for 1 dollar and people are exchanging their money everyday. It takes about 15-20 minutes.

Those may be the rates at which they will sell dollars to you, but they're certainly not the rates at which you can exchange your dollars for sum. If it was, there would be no black market.

Now, sale of foreign currency on the black market is prohibited. Probably, there will be no black market anymore. Black market and the official rates are nearly the same: https://uzbdollar.ru/

Wondering if this will affect the bloated USD hotel prices? And it apparently means those companies, who could buy USD at the official rate, no longer enjoy this "privilege".

Mobile operators, ticket offices, universities and most likely hotels also recalculate prices at the rate of 4210 and will only accept the national currency of the Republic of Uzbekistan.

[Traveller11]

Hi okwell,

Thanks for the confirmation, appreciate your getting back to us with the information.

Cheers

[Antonio]

Wow, 50000 soms notes. I only saw a few 10000 notes, did not even knew these existed.

[Traveller11]

Wow, 50000 soms notes. I only saw a few 10000 notes, did not even knew these existed.

I guess it might make it easier to carry than a fistful of notes, but then it depends if the place you want to buy an ice cream is able to change it!

[bwv812]

I stand corrected. Thanks for the updates!

[SPR11]

Does anyone know if withdrawal limits at ATMs are lifted, too? Or should visitors still bring ample cash (assuming ATMs dispense Som at the market rate)?