A black market for US dollars in Uzbekistan has been vibrant for years because of heavy currency controls imposed by the government. These controls made it far cheaper to buy US dollars under the counter at the back of a carpet shop than it did in a bank.

But reports from Tashkent already suggest that strategy of banning currency transactions in cash to quash the black market, if this was the real aim, may have backfired. Despite the crackdown US dollars are still being traded. According to Eurasianet, the effect of the currency restrictions was to limit supply of US dollars and push prices up by roughly 40%.

The restrictions on US dollars may also effect wider sales. US dollars are often used in Uzbekistan to buy cars or houses as using sum, the local currency, in a large cash purchase is practically impossible because of the piles of notes needed.

Uzbek officials will point out that if you have a bank account you can, electronically, still buy US dollars. The worth of this, in a cash based economy, is, though, highly questionable.