March 25, 2020 / 1:24 PM / 5 days ago

Uzbekistan central bank says sharp sum devaluation unlikely

TASHKENT, March 25 (Reuters) - Uzbekistan’s central bank said on Wednesday a sharp depreciation of the local sum currency was unlikely despite the drops in the value of the Russian rouble and the Kazakh tenge.

The bank said it expected only small exchange rate adjustments and planned to sell 30% more foreign currency on the domestic market this year compared with 2019 on the back of higher gold prices. The bank’s interventions are tied to the value of its gold holdings. (Reporting by Mukhammadsharif Mamatkulov; Writing by Olzhas Auyezov; Editing by Andrew Heavens)

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