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. Last Updated: 07/27/2016

Uzbeks Cut Easy Credit

ALMATY, Kazakhstan () -- Uzbekistan on Tuesday signaled a new era of tighter monetary policies.

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.