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Uzbekistan Introducing 50,000-Som Banknote

Uzbekistan's Central Bank has announced plans to introduce a new 50,000-som banknote, the second time this year it has increased the worth of the biggest note in circulation.

The Central Bank announced on August 14 that the new banknote will enter circulation as of August 22.

It said it would make cash payments easier in the Central Asian country, where inflation was 5.7 percent in 2016.

The new banknote will be worth about $12, according to the official exchange rate, and less than $7 on the black market.

Currently, the largest-denomination banknote in Uzbekistan is worth 10,000 soms. It was introduced earlier this year.