And finally…heist exposes national banking crisis

The gang, which carried out the heist in the country’s western Khorezm region, may have been pleased when they scarpered with their loot of 16,131,000 Uzbek soms, but were left disappointed when it transpired that it was worth only $2,600 (£1,800) on the black market at current rates, US government-backed Radio Ozodlik said.

According to local officials, the gang broke a window to gain access to the branch of Mikrokredit Bank in Bog’ot and smashed safes to get hold of their bulky yet small fortune. The suspects, who reportedly include a former security guard at the bank, were subsequently arrested, and now face up to 16 years in prison.

The major problem for anybody carrying cash in Uzbekistan is that the largest denomination note is the 5,000 som bill, worth $1.73 (£1.20) on official currency markets, but trading for as little as 80 cents on the black market. Low value coins and banknotes are virtually worthless, and the bank raid would have comprised of many thousands of notes.

A local businessman told Radio Ozodlik that the episode shows how poor some Uzbek banks are, as well as the benefits of carrying any other currency than the som: “A gang attacks one bank, breaks its window and safes. But their fortune is just 2,500 dollars. It’s a joke - I have the same amount of money in my pocket.”

The CA-News website says that due to the absence of cash in the country, companies in Uzbekistan complain that they cannot get money from banks to pay their employees. Pensions have also been delayed, and citizens experience difficulties accessing bank remittances sent to them by relatives abroad.