Uzbekistan’s current account surplus is eroding as a consequence of the international oil price collapse given the economic importance of oil & gas and gold for the country. As a consequence, foreign exchange reserves merely cover two weeks of imports. Converting local currency into hard currency continues to be an important obstacle, henceforth, chronic payment delays are on the rise again, yet still partially explained by administrative delays. Medium- and long-term economic and financial indicators have also been deteriorating, leading to a general negative outlook for the country.