## Welfare Effects of Uzbekistan's Foreign Exchange Regime

_IMF Working Papers, March 1, 2000_

## Source details

**Canonical URL:** [Welfare Effects of Uzbekistan's Foreign Exchange Regime](https://www.imf.org/en/publications/wp/issues/2016/12/30/welfare-effects-of-uzbekistan-s-foreign-exchange-regime-3513)

## Other formats

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## Bibliographic details
- Published: March 1, 2000
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451848168.001

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### Summary findings
- Uzbekistan’s quasi-fiscal multiple exchange rate regime transfers about 16 percent of GDP from exporters to importers.
- The regime generates identifiable welfare losses of 2-8 percent of GDP on import markets.
- The regime generates welfare losses of up to 15 percent of GDP on export markets.
- These excess burdens have increased substantially with the growing difference of exchange rates.

### Welfare analysis implications
- Welfare losses will decline overproportionally as exchange rates unify.
- Exchange rate unification should be supplemented by changing the explicit fiscal system.
- At a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime.

### Subject areas and keywords
- Subject: Central banks, Exchange rates, Exports, Foreign exchange, International trade, Market exchange rates, Quasi-fiscal operations
- Keywords: clearing exchange rate, curb market premium, exchange rate, Exchange rates, export, Exports, foreign exchange regime, import market, market, Market exchange rates, Multiple Exchange Rates, Quasi-Fiscal Operations, rate, U.S. dollar, Uzbekistan, Welfare Analysis, welfare loss, WP

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## Content in this bundle

- **Welfare Effects of Uzbekistan's Foreign Exchange Regime - WP/00/61**
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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/welfare-effects-of-uzbekistan-s-foreign-exchange-regime-3513_