President of Uzbekistan Shavkat Mirziyayev signed a resolution “On urgent measures to reliably provide the population with the main types of socially significant foodstuffs”.

According to the resolution, the Uzbek President recommended that the regulator take effective measures to ensure constant monitoring of the liquidity of commercial banks, timely provision of uninterrupted payments of business entities, including tax and other mandatory payments to the state budget.

President instructed the Central Bank to intensify and flexibly use monetary policy instruments, including operations to manage short-term liquidity and the rates of mandatory reserve requirements.

Central Bank is also instructed to strengthen supervision over compliance of the commercial banks with economic legislation.

The regulator together with the Association of Banks of Uzbekistan and commercial banks will also develop a set of additional measures to further introduce modern payment technologies and increase the attractiveness of using banking plastic cards.

President instructed the State Tax Committee together with commercial banks to develop and submit for approval to the Cabinet of Ministers a set of additional measures aimed at reducing the non-bank cash turnover, including by ensuring the completeness and timeliness of collection of trade revenues by business entities and preventing its concealment through regular Supervision surveys.