What is the Uzbekistan som (UZS)?

Credit Ratings & Outlook

Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

GDP

In 2010 the total GDP was $38,981,605,338 in US Dollars, while the per capita GDP was $1,380. It grew by 8.50% over the previous year.

Unemployment

The latest unemployment rate for 2008 is 8.00%.

Political Structure

The current head of the government is Prime Minister Shavkat Mirziyoyev, and the head of state is President Islam Karimov (in an executive role).

Currency Details

The Uzbek som, denoted by the ISO code UZS, is the official currency of Uzbekistan. Meaning “pure” in many Turkic languages, “som” implies pure gold. The Uzbek som is equal to 100 tiyn. Notes are in denominations of Som 1000, 500, 200, 100, 50, 25, 10, 5, 3 and 1 – and coins come in denominations of 50, 20, 10, 5, 3 and 1 tiyn.

Travel Notes

Upon travel to Uzbekistan, it is important to be aware of several currency policies and restrictions, namely: The import of foreign currency is unlimited, but should be   declared on arrival. Travelers importing sums in excess of   US00 may be subject to a body search.The export of foreign currency is permitted.Travelers who have imported sums in excess of US00 are   required to provide proof of lawful exchange into Som,   otherwise a fine of 30 per cent of the amount imported will be   payable. The import and export of local currency is unlimited.

Sovereign Ratings for Uzbekistan

Uzbekistan is not rated.

What does it look like?

Political Structure

Uzbekistan’s government is a republic. Effectively the country is under authoritarian presidential rule with little power outside the executive branch. Uzbekistan’s central government is divided into three branches: the executive, the legislative, and the judicial. In the executive branch, the position of chief of state is assumed by the President and is elected by popular vote for a seven-year term. The government is led by the prime minister and 10 deputy prime ministers, each appointed by the president. The legislative branch is a unicameral Supreme Assembly or “Oliv Majilis” consisting of 250 members, each elected by popular vote to serve five-year terms. The judicial branch consists of the Supreme Court. The judges are nominated by the president and confirmed by the Supreme Assembly.

Prominent Figures

Chief of State President Islom KARIMOV (since 24 March 1990, when he was elected president by the then Supreme Soviet) Head of Government Prime Minister Shavkat MIRZIYOYEV (since 11 December 2003); First Deputy Prime Minister Rustam AZIMOV (since 2 January 2008) Cabinet Cabinet of Ministers appointed by the president with approval of the Supreme Assembly Elections president elected by popular vote for a seven-year term (eligible for a second term; previously was a five-year term, extended by constitutional amendment in 2002); election last held 23 December 2007 (next to be held in 2014); prime minister, ministers, and deputy ministers appointed by the president Election Results Islom KARIMOV reelected president; percent of vote – Islom KARIMOV 88.1%, Asliddin RUSTAMOV 3.2%, Dilorom T0SHMUHAMEDOVA 2.9%, Akmal SAIDOV 2.6%

Key Economic Factors

Economic Overview:

Uzbekistan makes use of irrigation to overcome their dry landlocked country. Over 60% of the population resides in rural communities. Uzbekistan is now the world’s second-largest cotton exporter, a large producer of gold and oil, and a significant producer of chemicals and machinery within the region. In 1991 Uzbekistan gained its independence and since then, the government sought to prop up its Soviet-style command economy with subsidies and tight control on production and prices. Uzbekistan is a dry, landlocked country of which 11% consists of intensely cultivated, irrigated river valleys. More than 60% of its population lives in densely populated rural communities. Uzbekistan is now the world’s second-largest cotton exporter, a large producer of gold and oil, and a regionally significant producer of chemicals and machinery. Following independence in December 1991, the government sought to prop up its Soviet-style command economy with subsidies and tight controls on production and prices. Uzbekistan responded to the negative external conditions generated by the Asian and Russian financial crises by emphasizing import substitute industrialization and by tightening export and currency controls within its already largely closed economy. The government, while aware of the need to improve the investment climate, sponsors measures that often increase, not decrease, the government’s control over business decisions. A sharp increase in the inequality of income distribution has hurt the lower ranks of society since independence. In 2003, the government accepted the obligations of Article VIII under the International Monetary Fund (IMF), providing for full currency convertibility. However, strict currency controls and tightening of borders have lessened the effects of convertibility and have also led to some shortages that have further stifled economic activity.

Key Industries:

Textiles, food processing, machine building, metallurgy, gold petroleum, natural gas and chemicals.

Agricultural Products:

Cotton, vegetables, fruits, grain and livestock.

Export Commodities:

Cotton, gold, energy products, mineral fertilizers, ferrous metals, textiles, food products and automobiles.

Import Commodities:

Machinery and equipment, foodstuffs, chemicals and metals.

Major Trading Partners:

Russia, China, Ukraine, Russia, South Korea, Germany and China.