MEHMONXONALARDA VALYUTA AYIRBOSHLASH INFRATUZILMASINING YETISHMASLIGI: “AMALGA OSHMAGAN XARAJAT” MEXANIZMINING IQTISODIY TAHLILI

Uzbekistan received 11.7 million foreign tourists in 2025. Most of its hotels, however, offer no currency exchange. This paper puts a price on that gap. The problem is normally discussed as a matter of unfavourable exchange rates. The author argues that something more consequential is at work: where a hotel offers no exchange facility, many tourists simply do not exchange at all, and the money leaves the country unspent. The analysis draws on transaction cost theory and on recent empirical work. An illustrative calculation puts this unrealized expenditure at roughly USD 175 million a year. Two measures follow: making currency exchange a mandatory requirement for “tourist cluster” status, and, over a longer horizon, an integrated payment and currency solution.

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