The key facts

  • The Central Bank of Uzbekistan denied reports about issuing a 1 million sum banknote, calling them false
  • A fake design of the banknote featuring Islam Karimov was circulating on social media
  • The largest banknote in circulation is 200,000 sums; in May the Central Bank also denied rumors about a 500,000 sum banknote

Regulator's denial

The Central Bank of Uzbekistan denied information about plans to issue a banknote with a denomination of 1 million sums, its press service told Spot.uz. Reports about the allegedly upcoming issuance of a new denomination banknote appeared on social media a few days earlier. The publications were accompanied by a fake design of the banknote featuring the country's first president Islam Karimov.

Press service quote

“This information is unfounded, false and fake. It does not correspond to reality. To receive reliable information, please follow the official pages of the Central Bank,” the regulator's statement said.

Procedure for issuing banknotes

According to Article 40 of the law “On the Central Bank,” the regulator has the exclusive right to issue banknotes and coins that are legal tender on the territory of Uzbekistan. The samples and design of banknotes are approved by the Central Bank in agreement with the Kengash of the Senate of the Oliy Majlis, and announcements about the issuance of new banknotes into circulation and their descriptions are published in the media in advance.

Context

At present, the largest banknote in Uzbekistan has a denomination of 200,000 sums. The Central Bank presented its design on July 13, 2022 — two days before it was put into circulation. Before that, in December 2021, the regulator announced the issuance of 50,000 and 100,000 sum banknotes in a new design. In May, the Central Bank had already denied rumors about plans to issue a 500,000 sum banknote, emphasizing that it announces the issuance of banknotes into circulation in advance.