Today at around 10.30 a.m. (Tashkent time) insiders of the currency market presented forecasts that the official dollar exchange rate will rise around 400-410 sums. Soon after the sales of foreign currency in commercial banks reached exchange rate of 12 135 sums per USD. The Central Bank commented on the situation:

"Significant devaluation of national currencies of major trading partner countries led to strengthening of the real effective exchange rate of the sum through foreign trade and remittances.

This, in turn, had a negative impact on foreign exchange earnings and the volume of supply of foreign currency in the domestic foreign exchange market through the channels of exports and remittances to the country.

As a result, there was a slight acceleration of the devaluation of sum exchange rate in the domestic foreign exchange market - correction was observed under the influence of fundamental factors", said in the message.  

The Central Bank has sufficient tools to prevent a sharp depreciation of the exchange rate in the future and fluctuations will be smoothed by accomplishing additional interventions in necessary cases.

This correction will lead to a return to the long-term trend of the real effective exchange rate, and the balanced exchange rate will serve to increase supply in the market by increasing foreign exchange earnings. The real effective exchange rate will be relatively stable until the end of the year as well as, in the medium term.