Press Releases

Republic of Uzbekistan and the IMF

Free Email Notification

Receive emails when we post new items of interest to you.

Subscribe or Modify your profile




Press Release No. 03/188
November 11, 2003
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

The Republic of Uzbekistan Accepts Article VIII Obligations

The government of the Republic of Uzbekistan has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Sections 2(a), 3, and 4 of the IMF's Articles of Agreement, with effect from October 15, 2003.

IMF members accepting those obligations notably undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions, and not to engage in, or permit any of their fiscal agencies to engage in, any discriminatory currency arrangements or multiple currency practices, except with IMF approval.

A total of 157 of the IMF's 184 members have now accepted the obligations of Article VIII, Sections 2(a), 3, and 4.

By accepting the obligations of Article VIII, Sections 2(a), 3, and 4, Uzbekistan signals to the international community that it will pursue economic policies that will make restrictions on the making of payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.

Uzbekistan joined the Fund on September 1, 1992. Its quota1 is SDR 275.60 million (equivalent to about US$396 million). Uzbekistan's outstanding financial obligations to the IMF amounted to SDR 33.25 million (equivalent to about US$48 million) as of September 30, 2003.



1A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing and its share of the allocation of SDRs.


IMF EXTERNAL RELATIONS DEPARTMENT

Public Affairs    Media Relations
E-mail: publicaffairs@imf.org E-mail: media@imf.org
Fax: 202-623-6278 Phone: 202-623-7100