Republic of Uzbekistan: Staff Report for the 2024 Article IV Consultation— Informational Annex
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International Monetary Fund. Middle East and Central Asia Dept.
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REPUBLIC OF UZBEKISTAN

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REPUBLIC OF UZBEKISTAN

STAFF REPORT FOR THE 2024 ARTICLE IV CONSULTATION— INFORMATIONAL ANNEX

May 28, 2024

Prepared By

The Middle East and Central Asia Department

Contents

  • FUND RELATIONS

  • RELATIONS WITH OTHER INTERNATIONAL INSTITUTIONS

Fund Relations

(As of April 30, 2024)

The latest data may be found by going to theIMF Members’ Financial Data by Country website and choosing Uzbekistan and the date.

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Emergency Assistance may include ENDA, EPCA, and RFI.

Latest Financial Commitments:

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Undrawn outright disbursements (RFI and RCF) expire automatically 60 days following the date of commitment, i.e., Board approval date.

Projected Payments to Fund 2

(SDR Million; based on existing use of resources and present holdings of SDRs):

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When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

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Exchange Rate Arrangements

Uzbekistan accepted the obligations of Article VIII Sections 2(a), 3, and 4 of the Fund’s Articles of Agreement and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions and of multiple currency practices.

According to the authorities, the de jure exchange rate arrangement is floating. The exchange rate is determined based on foreign currency supply and demand on Uzbekistan’s currency exchange. The Central Bank of the Republic of Uzbekistan (CBU) has a priority right to directly buy gold produced in Uzbekistan, acting as supplier in the foreign exchange market in amounts equivalent to the value of gold purchased from producers. The CBU also intervenes in the foreign exchange market to smooth out undue short-term volatility. Foreign exchange sales by the CBU in the foreign exchange market are not directed at affecting the fundamental trend of the exchange rate and are driven by the aim of sterilizing additional liquidity from the CBU purchases of gold. The exchange rate of the sum to the US dollar is used as an operational benchmark, as most trading operations are carried out in US dollars. Under the IMF’s classification system, the de facto exchange rate arrangement is classified as crawl-like given a predictable nominal exchange rate path with minimal day-to-day volatility.

Article IV Consultation

The Republic of Uzbekistan is on the standard 12-month Article IV consultation cycle. The previous Article IV consultation was concluded on June 15, 2022.

Resident Representative

The IMF has had a resident representative in Uzbekistan since December 2020. Previously, a resident representative office was open in Tashkent from September 1993 to April 2011.

Relations with Other International Institutions

As of May 7, 2024

Asian Development Bank:

European Bank for Reconstruction and Development:

World Bank Group:

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