Uzbekistan to eliminate problems of foreign exchange market

Finance Materials 8 March 2019 14:20 (UTC +04:00)

Baku, Azerbaijan, March 8

By Fakhri Vakilov - Trend:

Measures to eliminate problems in the currency market of Uzbekistan will be taken this year, Trend reports with reference to the Chairman of Uzbek Central Bank, Mamariso Nurmuratov.

He spoke about the plans of the regulator for 2019.

Further liberalization of the foreign exchange market will be based on the exchange rate, its stability and dynamics, the volume of transactions in the foreign exchange market, coordination of foreign exchange operations.

“Work on the further liberalization of the foreign exchange market has already begun. First of all, we are planning to remove the restrictions related to the foreign economic activity of business entities that operate in the domestic market. In 2019, we will reconsider all the elements, even the smallest, that impede the streamlining of the foreign exchange market. We identified one of the main tasks to remove these restrictions in 2019. The central bank will take the necessary measures to simplify the interaction between banks and customers. In other words, we will take measures to eliminate problems that cause questions to business entities and the public in the foreign exchange market,” Mamariso Nurmuratov said.

The Central Bank also plans to create a system of encouraging foreign investment, improve the strategy of intervention in the foreign exchange market and monetary policy in order to stabilize prices in the domestic market.

Moreover, the Central Bank, alongside with the Ministry of Finance, will develop a medium-term concept for reforming the financial sector, which will include: ensuring financial stability, creating conditions for private capital to enter the banking sector and increasing the influence of monetary policy instruments on the economy through the banking system .

Regarding banks privatization, in the coming days a government decree will be issued to attract private capital to the banking sector.


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