PRESS OF UZBEKISTAN
July 11, 2017
PRESIDENT OF UZBEKISTAN SHAVKAT MIRZIYOYEV HAS SIGNED A RESOLUTION ‘ON URGENT MEASURES TO SECURE THE PROVISION OF THE POPULATION WITH MAJOR TYPES OF SOCIALLY IMPORTANT FOODSTUFFS’
The document assigns the Central Bank with taking effective measures to ensure constant monitoring of the liquidity of commercial banks, timely sustain uninterrupted payments of business entities, including tax and other mandatory payments to the state budget, taking into account an increase in the authorized capitals of commercial banks by $500 million.
The resolution says that the Central Bank should intensify and flexibly apply monetary policy instruments, including operations on management of short-term liquidity and rates of mandatory reserve requirements, as well as strengthen supervision over observance of economic law by commercial banks.
As recommended by the head of state, the regulator will team up with the Association of Banks of Uzbekistan and commercial banks to develop a set of additional measures on the further introduction of modern payment technologies and promotion of the use of bank plastic cards.
The State Tax Committee was assigned to develop jointly with commercial banks and submit for approval to the Cabinet of Ministers a complex of additional measures on reduction of the non-bank cash turnover, also by ensuring the completeness and timeliness of the collection of trade revenues by business entities, and preventing its concealment through regular supervisory audits.
The access of business entities to credits of commercial banks will be expanded, and the terms of their obtaining will be alleviated through financial support to business entities in the production of industrial, food and agricultural products, as well as through state social programs, in the form of compensation for part of interest costs and guarantees on commercial loans of banks. For this purpose, it is planned to establish the State Fund for Support of Business Development.
The State Statistics Committee of Uzbekistan, jointly with the Ministry of Economy, Central Bank and other ministries and departments concerned, will introduce, as of January 1, 2018, a streamlined methodology of monitoring and calculation of the inflation rate, with an eye to the methods of selecting goods and services in accordance with international standards.
(Source: «Uzbekistan Today» newspaper)