Liberalization of monetary policy has become a milestone in the development of our country's economy.
The new procedure, as envisaged in the Strategy of Actions along Five Priority Areas for the Development of the Republic of Uzbekistan in 20172021, contributes to the expansion of the country's export capacity, improvement of the investment climate and business environment.
As known, in pursuance of the above-mentioned document, Uzbekistan opened free conversion of foreign currency on September, 5. The results of this event were discussed at a press conference of representatives of the Central Bank in Tashkent.
In particular, since the opening of the conversion, the population has sold about $200 million to the banks, more than $100 million has been purchased from entrepreneurs and organizations engaged in foreign economic activity.
Journalists took interest in changes in prices for imported products. Experts noted the absence of grounds for price growth. These days, the relevant ministries and agencies, including the State Customs Committee, are working on an action plan to further optimize rates of customs duties and prevent the growth of domestic prices for certain types of food products. The Presidential Decree ‘On further streamlining of Uzbekistan's foreign economic activity’ signed September 12 is an important guide to action in this direction. The document canceled customs duties for importation of sugar cane or sugar beet and chemically pure sucrose in the solid state as of September 15. The work in this direction is underway.
The press conference touched upon the conveniences created for entrepreneurs by the Presidential Decree ‘On priority measures for liberalization of monetary policy’. For instance, the individual entrepreneurs who are engaged in imports of consumer goods but do not have the status of a legal entity, are allowed to purchase foreign currency in accordance with the established procedure. The requirement of obligatory sale of proceeds in foreign currency by exporters was canceled.
Ultimately, the ongoing measures on liberalization of foreign exchange policy in our country yield positive results. This helps to ensure the stability of the national currency, further increase exports of domestic products, exporting enterprises, create new jobs, and strengthen the trust of foreign investors.
(As part of the social order of the Oliy Majlis Public Fund for Supporting NGOs and Other Civil Society Institutions)