Belarus Proposes Expanding Trade Settlements in National Currencies with Uzbekistan
Economy
Belarus has proposed increasing the share of bilateral trade settlements conducted in national currencies with Uzbekistan amid continued growth in trade between the two countries. The proposal was made by Roman Golovchenko, Chairman of the Board of the National Bank of the Republic of Belarus, during a meeting with Nuriddin Mamajonov, Uzbekistan’s Ambassador Extraordinary and Plenipotentiary to Belarus.
According to Golovchenko, bilateral trade turnover increased by more than 30% in 2025 and continued to grow in the first half of 2026.
“Given the size of our economies and the balanced trade turnover taking shape, I believe there are good conditions for a greater share of settlements to be conducted in national currencies,” the head of Belarus’s central bank said.
He added that developing such a mechanism should be a joint task for the governments and central banks of both countries.
Golovchenko also highlighted the high level of trust in Belarus-Uzbekistan relations, including political and trade-economic cooperation. In his view, growing trade volumes and balanced bilateral commerce provide favourable conditions for expanding the use of national currencies in mutual settlements.
“Given the size of our economies and the balanced trade turnover taking shape, I believe there are good conditions for a greater share of settlements to be conducted in national currencies,” the head of Belarus’s central bank said.
He added that developing such a mechanism should be a joint task for the governments and central banks of both countries.
Golovchenko also highlighted the high level of trust in Belarus-Uzbekistan relations, including political and trade-economic cooperation. In his view, growing trade volumes and balanced bilateral commerce provide favourable conditions for expanding the use of national currencies in mutual settlements.
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