2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The history of Uzbekistan is a centuries-old epic with its heroes, villains, wars and
love stories. Today, the land of this once allied state is inhabited by benevolent people of the Muslim faith. The modern territorial state of the state was formed thanks to the Soviet power, which at one time influenced the unification of various feudal lands of one people. Thus, on the socialist map of Central Asia in 1924, the Soviet Union had another satellite. In 1991, Uzbekistan became an independent state and has retained its sovereignty to this day.
Currency of Uzbekistan
Like any other independent state, the Republic of Uzbekistan began to issue its own currency. The monetary unit of the republic is called "sum". 1 sum is exchanged for 100 tiyins. The currency of Uzbekistan was put into circulation in 1993 in order to displace the ruble, which had previously been the only currency
exchange of values in the republic. The government of the country was aware of the importance for the state-forming process of having its own monetary system, but was in no hurry to take hasty steps towards its creation. In this regard, the currency of Uzbekistan saw the light of day two years after the declaration of sovereignty, and for another year it forced out rubles from the national circulation. On June 16, 1994, the sum became the only means of payment freely circulating in the republic. The currency of Uzbekistan, which today is quite low and unstable, has its own cipher of the international organization for standardization ISO 4217 and bank code UZS. It is not very popular on the Forex market, and international trading operations with its help are very rare. Due to the weak purchasing power, the currency of Uzbekistan is actively printed, subject to the influence of high inflation and is in national circulation in denominations of 10,000, 5,000, 1,000, 500, 200, 100, 50, 25, 10, 5, 3 and 1 sum. In practice, banknotes from 10,000 to 100 sum are used in the country, although other units are also legal tender.
The path of an independent state
Weak purchasing power, instability and complete lack of control over the process of accumulating funds from the population with the help of national deposits for the further development of the country - all this is typical for such a monetary unit as the currency of Uzbekistan today. The exchange rate against the ruble of monetary units of a sovereign state is 66.72 UZS per 1 RUB. Poverty in the country makes the indigenous population go to work in Russia and other developed countries of the modern world, endure hardships and deprivations of illegal migration. Without prejudice to anything or anyone, in a completely civilized way, Uzbekistan gained independence from the Moscow protectorate, but the price that its people are paying today may seem too high to many. Although Russia still (after more than 20 years of harmonious coexistence) helps the Uzbek people to feed their families, giving them the opportunity to earn all the same rubles.
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