TASHKENT, Uzbekistan, December 29. Uzbekistan extended the period for applying the zero rate of import customs duty on a number of food products until January 1, 2025, Trend reports.
The decision is intended to provide price stability in the domestic market and to reduce inflation, according to Uzbekistan's National Data for Legislation.
The double rate of customs tax is not imposed to items originating in countries with which trade and economic relations do not provide for the most favored nation regime until the end of 2024.
To avoid a rapid rise in sugar prices and preserve production stability, the Government Commission on Investment Attraction, Industrial Development, and Trade Regulation has been directed to submit ideas to the Presidential Administration by February 1.
Furthermore, by October 1, the commission must analyze the efficiency of the advantages provided and propose ideas for their continued use.
Earlier this year, Mamarizo Nurmuratov, Chairman of Uzbekistan's Central Bank, stated that the CBU will work to reduce inflation expectations among enterprises and the general public through a new inflation targeting system.
"In the past few years, fiscal policy and ensuring financial stability have become key aspects of the economic development of all countries. When regulating the monetary policy of a country, it is important to determine the strategy of economic policy and its potential consequences. In addition to price stability, the Central Bank should pay attention to financial stability and financial consolidation," he said.
According to him, the main challenges to financial stability are increased foreign exchange demand supported by fiscal policy measures and limited credit policy transmission.