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Uzbekistan to Introduce New Inflation Calculating Method
Source: http://news.uzreport.uz
Source Date: Friday, June 30, 2017
Focus: Knowledge Management in Government, Institution and HR Management
Country: Uzbekistan
Created: Jul 07, 2017

According to the Presidential Decree "On urgent measures for reliable maintenance of the population of the Republic with main types of socially important food products", the Central Bank was recommended to take effective measures to continuously monitor the liquidity of commercial banks, the timely provision of uninterrupted payments of business entities, including tax and other obligatory payments to the State budget, with regard to increasing the authorized capital of commercial banks in the amount of $500 million.

The document states that the Central Bank must increase and flexibly use the monetary policy instruments, including transactions to manage short-term liquidity and the rates of compulsory reserve requirements and strengthen the supervision over the observance of economic regulations by commercial banks.

According to the recommendations of the head of state, the Central Bank together with the Banking Association of Uzbekistan and commercial banks will develop a set of additional measures on further introduction of modern payment technologies and increase the attractiveness of the use of plastic cards.

The State Tax Committee jointly with commercial banks are instructed to develop and submit for approval to the Cabinet of Ministers a package of additional measures aimed at reducing non-bank cash turnover, including by ensuring full and timely collection of trade receipts by economic entities and to prevent its concealment by conducting regular supervisory examinations.

The access of businesses to loans from commercial banks is set to be expanded. Lending conditions is set to be eased through the implementation of financial support for the implementation of projects of business entities in the manufacture of industrial, food and agricultural products, as well as state programs of a social orientation, in the form of compensation of part of expenses on payment of interest and guarantees on loans to commercial banks. The Public Fund for support of entrepreneurship will be entrusted with the above tasks.

Starting from 1 January 2018, the State Statistics Committee of Uzbekistan jointly with the Ministry of Economy, Central Bank, other ministries and departments will adopt into practice an improved methodology for monitoring and calculating the rate of inflation.
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