If the dollar completely leaves Uzbekistan's market, serious changes and negative consequences may be observed in the economy, writes the Jahongir Latipov Telegram channel.
1) Problems in import and trade — The main part of world trade is conducted in dollars. Therefore, buying products from abroad will become more difficult or much more expensive.
2) Sharp increase in prices — Imported goods such as phones, cars, medicines, and equipment will become more expensive. Because switching to another currency will incur additional costs.
3) Increased pressure on the so‘m — The value of the national currency, the so‘m, will become unstable. Trade operations will have to switch to the euro, yuan, or another currency.
4) Decrease in investment — Foreign investors mainly work with the dollar. Without the dollar, their investments may decrease or stop completely.
5) Money transfers become problematic — Converting funds in dollars coming from foreign labor migration will become more difficult.
Conclusion: If the dollar completely leaves the market, the economic system will experience a shock. However, over time, it will be possible to gradually switch to currencies such as the euro or yuan.
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