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Uzbekistan is a former Soviet republic in Central Asia, but unlike other former communist countries like Georgia and Ukraine and Eastern Europe in general, Uzbekistan remained a closed, authoritarian police state for years.
Yet, with a population of over 33 million and a territory nearly that of France its economic potential has attracted businesses and has lead to a gradual liberalization of the regime, especially since 2016, when the first Uzbek president died and was replaced by a younger and more prone to reforms leader.
Forex trade was in practice legalized in Uzbekistan in September 2017 with a decree of the newly elected president. The decree allowed for the first time people and businesses in the country to buy foreign currency without restrictions and at a market price.
Currently the financial markets in the country are governed by the Ministry of Finance, while the Central Bank of Uzbekistan takes care of the monetary policy and the commercial banks.
The forex market is still new and there are no specific rules for the retail forex and CFD brokers. That is the reason our advice for all those who reside in Uzbekistan and wish to trade forex, is to choose from the list of brokers regulated by respectable financial institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).