Uzbekistan launches six-figure banknote to ease shopping

Uzbekistan on Monday issued a new high-denomination banknote, saying it would facilitate big consumer purchases in a country that still shops mostly with cash.

The new 100,000-som note is worth 10.50 euros ($11.90) and is a big step up from the Central Asian country's previous biggest note of 50,000 som.

The move will make it easier to buy "high-value goods such as automobiles, furniture and appliances," central bank official Fazliddin Bozorov told local media.

The ex-Soviet nation has an underdeveloped banking system. Salaries, which average less than $200 per month according to official statistics, are often paid in cash.

Uzbekistan's central bank released the 50,000-som bill in 2017, after removing controls on its currency.

 

Uzbekistan launches six-figure banknote to ease shopping

Uzbekistan on Monday issued a new high-denomination banknote, saying it would facilitate big consumer purchases in a country that still shops mostly with cash. The new 100,000-som note is worth 10.50 euros ($11.90) and is a big step up from the Central Asian countrys previous biggest note of 50,000 som. The move will make it easier to buy high-value goods such as automobiles, furniture and appliances, central bank official Fazliddin Bozorov told local media. The ex-Soviet nation has an underdeveloped banking system. Salaries, which average less than $200 per month according to official statistics, are often paid in cash. Uzbekistans central bank released the 50,000-som bill in 2017, after removing controls on its currency.