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Finance 08/05/2018 Legal entities purchase currency for US$2.8 billion in January-April
Legal entities purchase currency for US$2.8 billion in January-April
Tashkent, Uzbekistan (UzDaily.com) -- The volume of foreign currency purchase by business entities from January to April 2018 made up US$2.8 billion, the Central Bank of Uzbekistan said.

The purchase of foreign currency was carried out for import of production goods, repayment of foreign loans, import of consumer goods and medicines, repatriation of income of foreign investors and other purposes.

In general, this year there is stability on objectives of buying foreign currency by legal entities - more than 75% accounted for import of goods for production purposes.

The growth in the volume of foreign currency purchase in April 2018 for repayment of foreign loans is related to the specifics of some foreign-borrowed contracts concluded by business entities, in accordance with which service schedules the payments are made quarterly or semi-annually.

The volume of sales of foreign currency by commercial banks and exporters from January to April 2018 was US$1.9 billion (US$1.3 billion by business entities, US$0.6 billion by commercial banks).

The sale of foreign currency by commercial banks in January-April 2018 reflects the current trend of supplying foreign currency.

At the same time, if the volume of export earnings in the first quarter of 2017 was US$1.6 billion, then in the first quarter of 2018 this indicator grew by 25% to US$2 billion. This trend indicates a positive dynamics of export growth.

The volume of payments for imports in the first quarter of 2018 increased by 33% compared to the first quarter of 2017 and amounted to US$3.0 billion. The growth in volume of payments for imports in 2018 is explained by transition of entrepreneurs from informal economy to the banking sector, crediting in foreign currency for acquisition of technological equipment and production lines within the framework of investment programs. So, in the first quarter of 2018, within the framework of the implementation of investment projects, loans in foreign currency for over US$670 million were allocated.

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