Karimov said Uzbekistan would by the end of this year sign Article 8 of the International Monetary Fund's charter that requires its members guarantee free convertibility of their currencies.
22.
The fixed exchange rate had been 1, 600 bolivars to the dollar since February 2003, when Chavez scrapped free convertibility and imposed strict currency controls to stem massive capital flight.
23.
The official, speaking to the Interfax news agency, said the IMF experts believe that the Central Bank's move violates the fund charter that requires free convertibility of a national currency.
24.
The key issue was the government's reluctance to allow free convertibility of the national currency, the som, a practice that has encouraged a black market in currency trading and hampered foreign investment.
25.
But George Perry, an economist at the Brookings Institution, notes that the exceptionally high domestic savings rates in Asia ( in contrast to Latin America ) minimized the advantages of free convertibility.
26.
Sanjar Maksudov, a currency expert at the Central Bank, said the decree was aimed to " further liberalize the foreign currency policy " and that it removed barriers to free convertibility of the som.
27.
Government efforts to prop up the som to prevent a dramatic drop in its value after allowing its free convertibility have resulted in a cash deficit and delays in payments of wages and pensions.
28.
The Fund also recommended that the government maintain tight fiscal and monetary policies " while avoiding bottlenecks in the availability of cash, ensuring regular payment of wages and pensions, maintaining free convertibility of som for current international transactions ."
29.
U . S . Treasury Secretary Paul O'Neill expressed support Wednesday for economic reforms undertaken by Uzbek President Islam Karimov, who pledged to introduce long-awaited free convertibility of the Central Asian nation's currency before the end of the year.
30.
Karimov said Uzbekistan planned this year to sign Article 8 of the IMF's charter, which requires members to guarantee free convertibility of their currencies, but said credits being offered by the IMF as a stabilization fund were " causing bewilderment ".
How to say free convertibility in Hindi and what is the meaning of free convertibility in Hindi? free convertibility Hindi meaning, translation, pronunciation, synonyms and example sentences are provided by Hindlish.com.
