Who wants to be a Millionaire?

The currency of Uzbekistan named Sum.

Who wants to be an “instant” millionaire? Well, pay a visit to Uzbekistan and you are very likely to become one, without having to answer tough questions on world history or pop culture.

This is not some dodgy advertisement that comes through your cell phone; I am a living example of Uzbekistan-made millionaire, having stacks of cash that can’t fit into my wallet, instead, I have to store the Uzbek notes named “Sum” in a plastic bag and hide them in the bottom of my backpack.

Thanks to the black money market in Uzbekistan, I gain instant wealth by changing 500USD into local currency at an exchange rate of 1USD to 2170 Sum, as a result, I own 1,085,000 Sum – half of it in 1000 Sum notes (over 500 pieces), and the other half in 500 Sum notes (over 1000 pieces).

I really don’t mind feeling “rich”, but the only problem is to carry all those bundles of cash that weigh like rocks in my backpack. The largest denomination in Sum is 1000 – just enough to buy a thick roll of good quality toilet paper – while the smallest note is 100, which can’t even get you into the public toilet that usually costs between 200 and 500 Sum.

Making payment in this country is a time-consuming activity, as both the buyer and seller have to count many notes – sometimes up to tens of hundred or thousand – carefully during the transaction.

I heard of a story about a businessman buying a car by cash. The businessman carries two huge suitcases full of cash to the salesroom, and the saleswoman has counted for four hours to confirm that he paid the right amount (hello!? Why not invest in a cash counting machine!?).

When dealing with the Uzbek currency, one really has to be sharp, not only in counting the notes fast and accurately, but also in spotting the best places to exchange money.

The official rate, observe by all banks in the country, is 1616 Sum to 1USD, while the black market offers a rate between 2100 to 2200 Sum to 1USD. The difference is huge, for every 100USD exchanged at the bank, one potentially lost 26 dollars as compared to changing in the black market.

The black money market is not at all discreetly run; “money peddlers” exist in nearly all main bazaars of major cities, border towns, tourism spots, and guesthouses. They carry huge plastic bag full of cash on their shoulders, holding stacks of Uzbek Sum in hands, mumbling softly “dollar, dollar” to passerby.

If a foreign traveler is smart in planning, profits might be made out of this dual-track exchange rate. For instance, several banks in Uzbekistan have ATMs that accept international bank cards, and allow withdrawal in US dollar. One may withdraw dollars from bank at the official rate of 1616 Sum to a dollar, and later change these dollars in the black markets for 2200 Sum each, a profit is made.

In Uzbekistan, I make payment in both currencies – dollar and sum – depending on situation. For instance, whenever I check-in to a hotel, I always ask the rate in both dollar and sum. Some hotels observe the official exchange rate, if one night stay is 14USD, in Sum is multiply by 1616, in this case, I would pay in Sum and “gained”. 

When I go shopping for souvenirs – Uzbekistan’s handcrafts from embroidery to smith works are truly beautiful and worth checking out – I usually bargain in dollar, as souvenir sellers sometimes also double-up as “money peddler”, and they usually quote the highest black market rate if I were to pay in Sum.

Well, it’s all a number game and I can’t help trying to work out if I have gained or lost after each transaction, as if I’m a true millionaire managing a large estate.

In reality, I was only a “millionaire” for about a week, because it takes only several payments for hotel stay and inter-city transportation to drain tens of thousands of Sum out of my pocket.