Central Bank chairman Faizulla Mullazhanov said easy credit in the past had been responsible for high inflation and the disastrous performance of the former currency, the som-coupon. In an interview published in Uzbekistan's official Narodnoye Slovo newspaper, he said the Central Asian state's new som currency, issued July 1, would not suffer a similar demise.
"In the second quarter the Central Bank has limited credit and cash emissions and taken a course of strict monetary and credit policies," he was quoted as saying. "From now on the central bank is not going to give favorable credits.
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