Republic of Uzbekistan: Recent Economic Developments

This paper reviews economic developments in the Republic of Uzbekistan during 1992–97. It compares growth in Uzbekistan with that of other transition economies and seeks to shed light on why Uzbekistan has suffered a smaller transformational recession than other transition economies. The paper covers the existing arrangements for production and trade in agriculture, and estimates the costs for agriculture arising from state procurement and the multiple exchange rate system. The paper also traces the effects of multiple exchange rates and other quasi-fiscal operations on the economy as a whole.

Abstract

This paper reviews economic developments in the Republic of Uzbekistan during 1992–97. It compares growth in Uzbekistan with that of other transition economies and seeks to shed light on why Uzbekistan has suffered a smaller transformational recession than other transition economies. The paper covers the existing arrangements for production and trade in agriculture, and estimates the costs for agriculture arising from state procurement and the multiple exchange rate system. The paper also traces the effects of multiple exchange rates and other quasi-fiscal operations on the economy as a whole.

IV. Recent Economic Developments

A. Economic Activity, Prices, Wages, and Employment

Economic Activity

94. Uzbekistan experienced a smaller cumulative output decline since gaining independence in 1992 than most other transition countries. The research presented in Chapter I above suggests that it may have benefitted substantially from favorable initial conditions. These included a relatively low degree of overindustrialization and integration in the industrial complex of the Soviet Union, a large share of agriculture, and the dominance of cotton and other products (e.g., gold) that could be easily exported to western markets for hard currency following the breakdown of the Soviet Union and the subsequent payments crisis. Uzbekistan was also able to exploit its comparatively rich energy base (e.g., oil, gas).61 Structural reforms started relatively late and remained slow, as the government sought to preserve many of the old production structures and institutions. Initially, this may have helped to keep up recorded output levels, although the cost of this policy in terms of consumer choice, environment, and future growth may have been considerable. The authorities also pursued a policy of protecting and subsidizing infant industries in consumer goods industries, including in some technologically more advanced subsectors (e.g., cars). As a consequence also of accommodating credit policies, output (as officially measured) held up relatively well in agriculture and many industrial sectors during the first 4–5 years of the transition.62 In 1994 and 1995, Uzbekistan had benefitted from two relatively good cotton harvests and favorable world market prices for cotton and other exports.

95. In late 1995, the output decline was arrested and the economy grew modestly in 1996 and 1997 (Table 7 and Figure 6). In line with the experience of other transition economies, the resumption of growth in 1996 was led by a strong performance of domestic trade, which more than offset a decline in agriculture on account of a poor cotton harvest. As macroeconomic stabilization proceeded, domestic trade and services benefitted from external liberalization and the increased availability of imported consumer goods. Foreign direct investment inflows began to pick up and the business environment improved, especially for many privatized and new small- and medium-enterprises.

Figure 6.
Figure 6.

Uzbekistan: Real GDP Growth, Inflation, and Currency in Circulation, 1995–97

Citation: IMF Staff Country Reports 1998, 116; 10.5089/9781451839784.002.A004

Sources: Fund staff estimates.1/ As estimated by Fund staff.

96. The nascent recovery, however, was dampened in late 1996, with a return to high inflation rates and intensified foreign exchange and trade restrictions. According to Fund staff estimates, real GDP growth in 1997 remained modest (2–2.5 percent), and was primarily the result of a rebound in agriculture because of better weather, while the compression of consumer goods imports stifled domestic trade. Many private small- and medium-sized enterprises increasingly experienced problems in obtaining foreign exchange and not only for consumer goods. Economic growth was also limited by persisting structural problems, including the lack of large-scale privatization and agricultural liberalization, and the dysfunctional banking system.

Inflation

97. After declining from high levels in 1995 and the first nine months of 1996, inflation accelerated sharply in the last quarter of 1996 when the banking system financed a large budget deficit and the clearance of interenterprise arrears (Table 17). In 1997, inflation may have been somewhat lower than the 64 percent recorded in 1996, although probably not to the extent shown in the official Consumer Price Index (CPI). Various indicators suggest that actual consumer price inflation in 1997 was at least 50 percent (Box 6). Officially measured consumer price inflation in the first quarter of 1998 amounted to about 7 percent as the rate of monetary expansion slowed and pension and public sector wage increases of 50–60 percent were deferred to July 1, 1998.

Table 17.

Uzbekistan: Consumer Price and Producer Price Inflation, 1993–98

(In percent)

article image
Sources: Ministry of Macroeconomics and Statistics; and Fund staff estimates.

Figures for Q1 1998 reflect period average inflation for the 12 months ending March 1998.

98. The CPI estimates do not capture the degree to which inflation was repressed by informal and formal price controls and limited through subsidies, including through the exchange system. In mid-1997, the sale of some major consumer items (e.g., flour, sugar) was restricted to specially licensed shops.63 Prices of these and other items (e.g., bread) have remained remarkably stable (Tables 18 and 19). Some of these items have not always been available at the licensed shops, causing high search costs, queuing, and forced substitution.

Table 18.

Uzbekistan: Producer Prices, 1997–98 1/

(Monthly percentage changes)

article image
Source: Ministry of Macroeconomics and Statistics.

Prices are recorded on an accounting basis, thus not reflecting actual transaction prices.

Table 19.

Uzbekistan: GDP and Sectoral Deflators, 1992–98

(In percent over previous year or same quarter of previous year)

article image
Sources: State Committee for Forecasting and Statistics; and IMF staff estimates.

99. As regards the PPI, there are also reasons to believe that it also understates inflation. Albeit improved, the new PPI continues to be based on accounting rather than on transaction prices.

Measuring Inflation in Uzbekistan

Since 1993, the Uzbek statistical authorities have made significant progress in developing and improving consumer and producer price indices.

Uzbekistan began to improve the measurement of inflation in 1993. The Soviet-style retail price index (RPI) was replaced by a Laspeyres-based consumer price index (CPI) in line with international standards and analogous to the switch undertaken in other transition economies (Koen 1995). Official CPI data have been made available to the Fund starting January 1995, although the authorities have not yet begun to regularly publish inflation data. Since 1995, the authorities have improved the compilation of the CPI, for example, by revising weights annually. In 1997, a new, Laspeyres-based producer price index (PPI) replaced the old wholesale price index, which was based on the Sauerbeck formula. The latter can produce a large upward drift in inflation, and in the case of Uzbekistan this may explain the sharp divergence between consumer and producer price inflation prior to 1997 (Table 17).1

Notwithstanding earlier methodological improvements, in 1997 official CPI data became less reliable, owing to both methodological and other problems. On methodology, the official CPI systematically and seriously underestimated actual consumer price inflation because of a lack of imputing prices of goods that are temporarily unavailable (including, but not limited to, seasonal items such as fruits and vegetables). In the case of seasonal goods, imputation is necessary to ensure that peak new-season prices are included in the index. While peak new-season prices were excluded, their subsequent decline was included.

The statistics authorities have acknowledged the existence of this methodological deficiency, and indicated that they will correct it. They have not, however, recomputed the CPI for 1997.

1On the problems in the use of the Sauerbeck formula, see De Masi and Koen (1995) and Lequiller and Zieschang (1994). For other reasons that could potentially cause divergence in consumer and producer price inflation, see Koen and Phillips (1993).

100. Prices of crude oil, natural gas and electricity remained controlled at below-cost recovery levels and were only partially adjusted during 1997 and the first quarter of 1998 (Tables 20, 21 and 22).64 The important wholesale price of crude oil has not been adjusted since December 1996 and has fallen to less than 50 percent of the world market price, if calculated on the official exchange rate (Figure 7). Based on recommendations from the Antimonopoly Committee (AMC), the Ministry of Finance has continued to control prices of about 3,600 products of more than 800 enterprises at the national and regional level, including in important sectors such as transport and agriculture.65 Moreover, many wholesale markets remain dominated by large parastatal entities (e.g., Uzchlebproduct in the case of flour).

Table 20.

Uzbekistan: Electricity Consumption and Real GDP Growth, 1991–97

article image
Sources: Ministry of Macroeconomics and Statistics; and Fund staff estimates.
Table 21.

Uzbekistan: Selected Energy Prices, 1995–98 1/

(In sum per unit)

article image
Sources: Ministry of Finance; and Fund staff estimates.

Prices include VAT and excise taxes, if applicable.

Table 22.

Uzbekistan: Energy Prices, 1996–98

(Ratios) 1/

article image
Sources: Ministry of Finance; and Fund staff estimates, based on auction market exchange rate.

Domestic price in US dollars divided by the world market price for crude oil; the export parity price for diesel fuel, mazut and wholesale gasoline; and the long-run cost recovery price for gas and electricity as established by a EU/TACIS study.

Table 23.

Uzbekistan: Monopoly Enterprises and Products, 1996–98 1/

article image
Sources: Ministry of Finance; and Anti-Monopoly Committee.

Officially defined as enterprises and products with a market share of 35 percent or more at January 1, 1996, and 65 percent or more thereafter.

Monopoly enterprises or products in a local administrative area.

Figure 7.
Figure 7.

Uzbekistan: Energy Pricing, 1995–98

Citation: IMF Staff Country Reports 1998, 116; 10.5089/9781451839784.002.A004

Sources: Ministry of Finance; and Fund staff estimates, based on the auction exchange rate.1/ Relative to export parity price for diesel, mazut, and gasoline, and to long-run cost recovery price for gas and electricity.

Wages and Employment

101. In 1997, the average public sector wage rose by 70 percent in nominal terms, after an increase by 102 percent in 1996 (Table 24). The sectoral differentiation in average wages became more pronounced, as, for example, the average remuneration in the financial services sector rose by about 100 percent. By contrast, the average wages in the budgetary sectors (e.g., education, health) rose by about 60 percent (Figure 8).66

Table 24.

Uzbekistan: Average Monthly Wages in the Public Sector, 1995–98

(In sum per month)

article image
Source: Ministry of Macroeconomics and Statistics.

Includes state owned enterprises and budgetary organizations, excluding internal and external security forces.

Figure 8.
Figure 8.

Uzbekistan: Real Average and Minimum Wage

(Index 1991=100)

Citation: IMF Staff Country Reports 1998, 116; 10.5089/9781451839784.002.A004

Sources: Data provided by the authorities; and Fund staff estimates, based on official CPI data.

102. Based on the official consumer price inflation data, the real average wage in December 1997 was about 40 percent higher than a year earlier (Table 25). The average U.S. dollar wage in Uzbekistan increased slightly in comparison with those of other medium-wage BRO countries if calculated on the basis of the official exchange rate (Figure 9).

Table 25.

Uzbekistan: Labor Market Indicators, 1991–97

article image
Sources: Ministry of Macroeconomics and Statistics, Ministry of Labor; and Fund staff estimates.

Based on staff inflation estimate for 1997.

At the official exchange rate.

Figure 9.
Figure 9.

BRO Countries: Monthly Average Wages, June 1992–March 1998

(In U.S. dollars, period average)

Citation: IMF Staff Country Reports 1998, 116; 10.5089/9781451839784.002.A004

Source: National authorities.1/ Dollar wages are based on official exchange rate.

103. According to official data, total employment increased somewhat in 1997. This reflected a broadly stable number of employees in the public sector and some growth in private service sector employment (Table 26). Officially reported unemployment has remained very low (0.4 percent), but the actual unemployment rate is estimated well above 5 percent. Official data also do not take account of the very extensive underemployment in many state owned enterprises and agricultural collectives.

Table 26.

Uzbekistan: Public Sector Employment, 1992-97

(In thousands)

article image
Source: Ministry of Macroeconomics and Statistics; and Fund staff estimates.

Monthly average data available for January-August only.

Includes state owned enterprises and budgetary organizations, excluding internal and external security forces.

Excludes agricultural collectives.

B. Recent Fiscal Developments and Fiscal Policy Measures

104. Fiscal developments in 1996. After a relatively moderate budget deficit for the first nine months 1996, the government in the last quarter extended large credits to agriculture and other sectors to clear expenditure arrears, including wage, tax, pension and interenterprise arrears, that had been building during the year. This was, in part, a reaction to mounting financial difficulties in agriculture. At the same time, the government also cleared most of its own wage and other arrears. As a result, the (cash) budget deficit reached 15 percent of quarterly GDP in the last quarter of 1996, and 7.3 percent of GDP for the year as a whole compared with a budget deficit target of 3 percent of GDP. The budget deficit was financed mostly through the domestic banking system.

105. The 1997 budget (Table 27) introduced a number of revenue measures, including: (i) an increase in the standard VAT rate from 17 to 18 percent, albeit with the introduction of a reduced (10 percent) VAT rate on four food items; (ii) a 50 percent increase in the rates of the property, land, and mining taxes, with some expansion of their bases; (iii) a reduction in the standard profits tax rate from 37 to 36 percent; (iv) a new “ecological tax” of 1 percent on assets of nonagricultural enterprises; and (v) a ½ percent tax on enterprise revenues, earmarked for the pension fund. In addition, to strengthen tax administration and improve collection of tax arrears, the authorities created a special tax collection service within the State Tax Committee with the power to sell the property of delinquent enterprises.

Table 27.

Uzbekistan: Fiscal Operations of Consolidated Government, 1994–97

(In millions of sum)

article image
article image
Sources: Ministry of Finance; and Fund staff estimates.

In 1996, external sector balance was abolished and consolidated into the state budget.

106. Despite these measures, total 1997 revenues declined to 30.5 percent of GDP, which was 3.8 percentage points less than in 1996. The key factors behind the revenue decline were: (i) lower revenues from the profits tax owing to mounting financial difficulties of state enterprises, which, inter alia, resulted in the rescheduling of tax arrears of certain agricultural and other state enterprises for 3 years; (ii) lower collection of oil excises due to the policy of maintaining low wholesale oil prices, and the interenterprise arrears to the energy complex; and (iii) lower cotton excise tax revenues, largely as a result of the poor 1996 crop. This revenue decline was partially offset by higher revenues from the VAT (due to the increase in the standard rate, and delays in servicing tax rebates), land, property, and mining taxes (due to the above mentioned rate increase and base expansion), higher alcohol and tobacco excises, a good performance of the “ecological tax,” the newly introduced water charges for irrigation, and the individual income tax (due to higher wages and some tax administration measures).

107. Tax arrears to the state budget declined modestly relative to GDP in the course of 1997, from 2 percent at the beginning of the year to 1.7 percent of GDP at the end of the year. In addition, about 0.5 percent of GDP of arrears were owed to the pension fund at end-1997, mainly by enterprises in the energy and agriculture sectors. Two recent decrees (one in January 1998 focusing on 108 agricultural enterprises slated for “restructuring,” and one of February 4, 1998 related, in principle, to all enterprises) rescheduled tax arrears for selected enterprises over several years.

108. Total expenditures were 33 percent of GDP in 1997, about 6.9 percentage points less than in the previous year. Over half of this decline was traceable to the absence of budgetary onlending in 1997, and the remainder was due to a decline in the expenditure items “national economy” (which mostly comprises the large expenditures in the government’s water sector) and “other expenditures” (which includes military outlays). There was also a significant decline in expenditures on state administration, but this item, due to its narrow definition, includes only a small portion of current expenditures of the general government.

109. In 1997, the composition of expenditure shifted in favor of investment, education and health care, and budget allowances. There was an increase in the share of budgetary investment in total spending from less than 18 percent in 1996 to 23 percent in 1997. This reflected the government’s strategy to protect investment expenditures when reducing total spending. Similarly, the share of education in total expenditures rose from 18.5 to 22 percent, and the share of health expenditures rose from 9.3 to 10 percent, although they declined modestly as a percentage of GDP. Budgetary child allowances, despite tighter formal eligibility criteria, increased its share in total expenditures from 6.3 to 7.2 percent.67 The share of wages in total expenditures rose from 16.5 to 19.5 percent, reflecting successive wage increases during the year. Nonwage current expenditures were monitored and cut when needed, and the budget abstained from lending to agriculture and other sectors. However, investment, external debt service, and some other budgetary expenditures were subsidized indirectly through the application of the most favorable exchange rate on their foreign exchange components (see Chapter III).

110. In 1997, the cash budget deficit was only 2.3 percent of GDP, a result significantly better than in 1996. With no foreign financing available, the deficit was financed mainly from the banking system (1.3 percent of GDP), treasury bills held by the nonbank sector (0.2 percent of GDP), and privatization receipts (0.5 percent of GDP). Extrabudgetary funds had a small surplus (0.2 percent of GDP), entirely due to the improved performance of the pension fund. This resulted from the new tax on enterprise revenues earmarked for the pension fund and somewhat scaled-down benefits for working pensioners (Box 7). In addition, there may have been some increase in expenditure arrears; in a speech in June 1998, President Karimov referred to large wage and pension arrears in certain regions.

111. For 1998, the authorities project revenues of 32.4 percent of GDP, an increase of about 2 percentage points over 1997 collection. This is to be accomplished by a combination of revenue measures, many of which were introduced with the new tax code which came into effect on January 1, 1998. These measures include: (i) raising the standard VAT rate to 20 percent from 18 percent; (ii) raising resource tax (land, water) rates from very low levels; (iii) making mandatory a number of local fees which were earlier elective for municipalities (parking fees, trading permits, waste removal fees, etc.; (iv) imposing a 15 percent dividend tax, and reintroducing a 35 percent income tax on commercial banks from which they had been exempted;68 and (v) reducing the standard profits tax rate to 35 percent from 36 percent.

Pensions and Social Assistance Programs

Uzbekistan’s pension system remains essentially that of the former Soviet Union. There are three types of pensions: old-age, disability, and social family pensions (received by family dependents of a deceased person).

Old-age pensions. Eligibility for full pension for men requires 60 years of age, and 25 years of service; for women, it is 55 years of age and 20 years of service, with limits on the size of pensions. The maximum pension is 75 percent of the average wage over a five-year period or no more than seven minimum wages. There is a large number of occupations which qualify for early pensions. Also, a person may retire before the standard age limit, if the years of service criterion is met. And there are occupations which allow retirement up to 10 years earlier than the age limit. This has not yet translated into significant pressures on the pension budget due to the very young population of Uzbekistan. The government developed a proposal for long-term pension reform which aims to raise retirement age and allows a greater role for private pension funds as a complement to the public pension system.

Disability Pensions. Beneficiaries are divided into three categories: (i) disabled who depend on another person’s assistance in daily life, (ii) disabled who do not need assistance, but cannot work, and (iii) disabled who can work. In addition, there are disability pensions for work injuries, and veterans’ disability pensions. The length of service required for eligibility is reduced if an injury occurred at an early age.

Social pensions. Social pensions are paid to all dependent family members of a deceased. The amount of pension depends on the average wage and the length of service of the deceased. The main difference between social pensions and other types of pensions is that each dependent receives his/her social pension, usually at the level of 30–40 percent of the average wage. For example, a dependent wife and five children of a deceased would receive five separate social pensions whose combined value exceeds the average wage of the deceased.

There are three main social assistance programs: assistance to families with children under the age of 16, child allowances for families with children under the age of 2, and financial assistance to low income families.

Assistance to families with children under the age of 16 is the most important budgetary family assistance program, currently under the supervision of the Ministry of Labor. Until 1997, it was entirely untargeted and any family with children under the age of 16 was, in principle, eligible. However, in 1997, eligibility criteria were tightened to include income, and administration was transferred to local communities or “mahalas.” Mahalas review applications and determine the families who are eligible and the amount of benefit according to a number of criteria which include income, ownership of land and health and marriage status, none of which are quantified; hence there is a great deal of judgment in actual application of eligibility criteria. The Ministry of Finance recommends a standard monthly benefit level of 1.5 minimum wages per family member, while standard duration of benefits is 6 months. Upon expiration of the standard period, mahalas review family situations and recommend continuation or ending benefits. In principle, the program is open-ended.

Child allowance for families with children under the age of 2 has two components: the first targets unemployed mothers with children under 2, and the second targets working mothers. Both programs pay the same amount of benefit: a monthly benefit of 1.5 minimum wages (sum 1,125) per mother, for the duration of 24 months. The program for unemployed mothers is paid out of the budget while the program for working mothers is paid by the enterprises where they work. For civil servants, these benefits are paid out of the budget.

Financial assistance to low income families is a program of income support for poor families. Since 1998, the program has been implemented by mahalas. The budget provides the funding and the Mahalas select and monitor beneficiaries based on a number of criteria including family income, ownership of land and ability to work, none of which is quantitative. Using these criteria, the mahalas judge each application and the financial situation of those families on a case-by-case basis. The monthly benefit received by each family can be no less than 1.5 minimum wages, and no more than 3 minimum wages. The benefits are granted for a standard period of three months at a time, with the annual maximum of 4 standard periods of benefits per year (equivalent to one year). The average duration of benefits is 1.5 standard periods or about 4.5 months. The program is open-ended as there is no set maximum period for receiving benefits by eligible families.

112. On the expenditure side, the budget projects total expenditures of about 35.5 percent of GDP, an increase of 2.5 percentage points over 1997. This results from the large planned increase in “other expenditures,” which includes military, from 5.7 to 7 percent of GDP, and some increases in expenditures on education, health care, subsidies and transfers (primarily budget allowances). At the same time, investments are projected to decline from 7.5 to 7.2 percent of GDP, as some large investment projects have been completed and donor support for others is lacking. The budget anticipated a 50–60 percent increases in pensions and wages as of July 1, 1998 (which were granted) and a further, somewhat smaller increase in the third or fourth quarter.

113. The 1998 budget targets a budget deficit of 2.4 percent of GDP,69 to be financed from the domestic banking system (1 percent), the placement of government bonds to the nonbank public (0.6 percent of GDP), and privatization revenues. The pension fund is projected to continue to register surpluses, with the overall extrabudgetary balance projected to reach 0.7 percent of GDP. The budget is based on a projected real growth of GDP of 6 percent and an end-year CPI inflation target of 22 percent.

114. Despite preparations for the establishment of a Treasury in the Ministry of Finance, with the assistance of the FAD advisor and USAID advisors, progress has been limited. Draft State Finance and Treasury Laws have been prepared and are being discussed within the government.

C. Monetary Policies and the Financial Sector

115. Uzbekistan has a two-tier banking system, with the Central Bank of Uzbekistan (CBU) managing the official international reserves and lending to the government and commercial banks. The foreign assets earlier held by the Ministry of Finance at the National Bank of Uzbekistan (NBU) were transferred to the CBU in April 1997. However, the NBU continues to be the depository of a large proportion of official gold reserves and manages other exchange reserves on behalf of the central bank. Money and credit policies, as well as foreign exchange allocation, are determined by the Republican Monetary Policy Commission, which is headed by the Chairman of the CBU and includes representatives of various government agencies and the banking sector.

Monetary Developments

116. Reserve money, after growing a modest 15 percent during the first nine months of 1996, rose by 97 percent in the last quarter of the year (Box 8 and Figure 10). The latter reflected in part the financing of the budget deficit, which increased from less than 3 percent in the first three quarters of 1996 to about 15 percent of quarterly GDP, largely on account of lending to agriculture and the clearance of arrears. In the last quarter of 1996, reserve money also grew because of a substantial accumulation of foreign exchange reserves, due in part to the rationing of foreign exchange for current transactions.

Figure 10.
Figure 10.

Uzbekistan: Selected Monetary Indicators, 1994–97

Citation: IMF Staff Country Reports 1998, 116; 10.5089/9781451839784.002.A004

Source: Data provided by the authorities; and IMF staff estimates.1/ Annualized quarterly GDP/end-of-period broad money stock.2/ Broad money/reserve money.

117. This left commercial banks with very high excess liquidity at the beginning of 1997; in addition, reserve requirements were cut from 25–20 percent towards the end of 1997.70 Although reserve money expanded in 1997 by only 18 percent, reflecting, inter alia, large NIR losses, the banking system had enough liquidity to expand its lending by more than 90 percent in terms of broad money in 1997, only slightly less than in 1996.

118. In 1997, the CBU continued its policy of providing credit to the major banks, targeted for onlending to priority sectors (Table 28). Central bank credit to the banking system increased by 108 percent in 1997, equivalent to 29 percent of reserve money at the beginning of the year. Two-thirds of this new net credit was directed to agriculture, and the balance to industry (Table 29). Although commercial banks typically onlend credits targeted to priority recipients without a formal guarantee from CBU, there is an implicit guarantee as banks are fulfilling official credit policy guidelines set by the Cabinet of Ministers rather than making their own lending decisions. The impact of this policy on the quality of banks’ portfolios has not yet been assessed, in part because accommodating credit policies and relatively high inflation have masked the underlying problems.

Monetary Developments in 1996–98

article image

Excludes valuation adjustment. Percentage changes may not add because of rounding.

Relative to reserve money at the beginning of the year.

Relative to broad money at the beginning of the year.

Table 28.

Uzbekistan: Reserve Money and Net Assets of the Monetary Authorities

(In millions of sums, end of period)

article image
Sources: Central Bank of Uzbekistan; and Fund staff estimates.

Valued at current exchange rates.

Gold valued at US$ 390 per ource until August 1995, US$375 from September 1995 to March December 1996, and at market prices thereafter.

Revised from December 1994 onward to include currency in transit (former account 022); this change increased the amount of currency recorded with the offset recorder under other items.

Table 29.

Uzbekistan: Central Bank Credit Outstanding, 1996–98 1/

(In millions of sums, end period)

article image
Source: Central Bank of Uzbekistan.

Banks receiving directed credit from the Central Bank.

Sectors receiving directed credit through commercial bank onlending.