Uzbekistan's foreign minister urged the Central Asian nation's parliament on Monday to step up foreign exchange system reforms in order to make the local sum currency fully convertible and bring in much-needed foreign investment. Companies eyeing the region's most populous nation of 32 million have been waiting for tangible foreign exchange regime changes since President Shavkat Mirziyoyev assumed office last December following the death of veteran ruler Islam Karimov.
The former Soviet republic uses restrictive currency controls and the thriving black market values its currency - the sum - against the dollar at less than half of its official exchange rate.
Although Mirziyoyev has made currency liberalisation part of his long-term programme, Tashkent has taken no visible practical steps in that direction. Speaking to the upper chamber of parliament, the Senate, foreign minister Abdulaziz Kamilov said a survey carried out by his ministry among potential investors and experts showed that currency convertibility was the main issue standing in the way of foreign investment.
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