UzLiDeP discusses liberalization of monetary policy

Tashkent, Uzbekistan (UzDaily.com) -- On 6 September 2017, the Executive Committee of the Political Council of UzLiDeP organized a round table discussion on “Deeply thought out currency reform as an important factor in further improving the business environment”.

The essence and importance of the Decree of the President of our country "On Priority Measures for Liberalizing Currency Policy" from 2 September with participation of party activists, the electorate - entrepreneurs and farmers were widely discussed at the event.

Deputies, entrepreneurs of ministries and departments, banks, experts, entrepreneurs and media workers took part in the conversation.

Participants of the event noted that this Decree of the head of our state is a breakthrough step in the process of reforms in our country.

It was noted that entry into force of this decree put an end to the existing excessive administrative regulation in the sphere of currency circulation, inequality in implementation of foreign trade and business activities. Especially, abolishment from inadequate foreign exchange rate policy, which complicated the activities of exporting enterprises and was one of the main reasons for the decrease in effectiveness of state policy on export support, was highly rated by the participants of the event.

Liberalization of foreign exchange policy will allow individuals and legal entities to freely sell and purchase foreign currency, establish exchange rate of the national currency solely on the basis of market mechanisms, increase exports, create the necessary business environment for attracting foreign investment in the economy.

The participants paid special attention to the systemic nature of reforms implemented in Uzbekistan the liberalization of monetary policy, and noted that this approach, based on the phased introduction of advanced market mechanisms, today created a solid basis for liberalizing the foreign exchange market and preventing possible risks.

At the same time, it is pointed out that reforming the monetary system requires creation of new monetary and credit policy mechanisms aimed at effective control over price changes.

The representatives of a number of business entities involved in export, who participated in the round table, raised some questions arising in their activities in connection with the change in the course. In particular, questions were raised about the measures planned by the relevant departments to prevent the decline in the competitiveness of certain types of goods and services produced in Uzbekistan on the external market, since the determination of their value in US dollars will affect their cost price, or reduce their attractiveness over imported products.

Representatives of the Central Bank, the Ministry of Economy and other responsible departments answered questions.

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