Reforms will help boost Uzbekistan economy

Under the presidency of Shavkat Mirziyoyev, Uzbekistan is witnessing profound changes that are set to reshape its role in regional and international affairs. As the second president of the most populous Central Asian country since its independence in 1991, Mirziyoyev has initiated the most profound reforms aimed at changing Uzbekistan's foreign exchange rate regime.

In the past, three different exchange rates existed in Uzbekistan: the official rate, a separate rate for securities exchanges and the "black market" rate. There were huge disparities among the three, with the securities rate usually the highest at about 9,300 Uzbek som (UZS) to a US dollar, followed by the black market rate at 7,300:1 and the official rate at 4,210:1.

This bizarre system led to rampant corruption, choked exports and imports, and created great difficulties for businesses and ordinary people, while allowing vested interests to profit from the chaos.