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Uzbekistan Today (English) - - FRONT PAGE - Ravshan Rus­ta­mov

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)

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