Tashkent, Uzbekistan (UzDaily.com) -- At the fourth plenary meeting of the Senate of Oliy Majlis of Uzbekistan, a report was presented by the Chairman of the Board of the Central Bank of the Republic of Uzbekistan on the activities of the Central Bank of the Republic of Uzbekistan in 2019.

The Central Bank provided information on the work carried out to implement the monetary policy aimed at curbing inflation processes while ensuring price stability in the domestic market and reducing the impact of monetary factors on inflation.

It was noted that in the reporting year, special attention was paid to work to improve the living conditions of the population in the framework of social programs and financial support for entrepreneurship. In addition, in order to improve the investment environment and maintain a high level of investment activity formed over many years, the volume of credit in foreign and national currencies increased.

So, in 2019, commercial banks allocated loans from foreign credit lines in the amount of 2.1 billion US dollars.

Over the past year, credit investments of commercial banks in the economy grew 1.6 times and as of 1 January 2020 made up 208.6 trillion. soums.

In particular, in 2019, loans to businesses increased by 1.5 times and reached 58.4 trillion soums. Along with this, the balance of loans to individuals increased 1.6 times, which as of 1 January 2020 made up 40 trillion soums.

In addition, within the framework of social programs aimed at ensuring employment and the development of family entrepreneurship, soft loans totaling 7.6 trillion soums were allocated, including directly to individuals - in the amount of 4.9 trillion soums.

Measures were taken to reduce inflationary pressures in the economy and reduce risks by effectively regulating liquidity in the banking system, balancing the growth rate of lending to the economy and pursuing a broad communication policy.

At the meeting, based on the experience of foreign countries, in order to ensure stability and development of the payment system, a number of tasks were also discussed, which should be paid attention to by the Central Bank in 2020 in accordance with the adopted laws relating to the activities of the Central Bank and banks.

Thus, it was pointed out that as of 1 January 2020, out of the 30 banks operating in the capital, 13 banks had a significant state share, and it was noted that it was necessary to increase the intermediary financial role of banks and expand participation in the banking system of private capital in order to create broad conditions for effective interaction of banks and business entities.

It was emphasized that despite the functioning of the Center for the National Interbank Process, which facilitates the establishment of information and technological communication between banks involved in the settlement of national and international bank cards, which makes it possible to achieve a unified integration of the payment infrastructure, its full competition in the payment system is not yet fully ensured.

In this regard, attention is focused on the need to increase the efficiency and scale of monetary policy instruments in ensuring liquidity management of the banking system and the formation of interest rates in the money market at a level close to the basic rate.

Senators made a number of recommendations on improving the activities of the Central Bank.

An appropriate resolution of the Senate has been adopted on this issue.