Economy, Currency and Trade
temporary currency, Soviet republics, black market, official currency, exchange rate
In November 1993 Uzbekistan issued a temporary currency, the soum-coupon, to replace the Russian ruble. In July 1994 an official currency, the soum, was issued. In March 1998 the exchange rate as set by the Uzbekistan government was 80 soum to U.S.$1; however, on the black market the soum traded at less than half this rate.
Uzbekistan continues to trade with Russia more than with any other country. Additional important trading partners for Uzbekistan are other former Soviet republics, such as Tajikistan and Kazakhstan. However, an increasing share of Uzbekistan’s trade is with European countries, Japan, and other states beyond former Soviet borders. Chief exports are cotton, light industrial goods, petroleum and gas, and electricity.
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