Tashkent, Uzbekistan (UzDaily.com) -- On 9 March, a meeting of leaders and senior officials of the Ministry of Economy and Industry, the Ministry of Finance and the Central Bank of the Republic of Uzbekistan was held to discuss the impact of recent changes in global financial and commodity markets to Uzbekistan`s economy.

Following the discussion, it is noted that:

 - the decline in gas prices (due to the fall in oil prices) and currencies devaluations in some countries will have negative effect on our export revenues. Meanwhile, the possible positive effect of gas prices changes to domestic market is under scrutiny. The impact of the situation in international commodity and financial markets on the UZS exchange rate remains neutral;

 - loss of State budget revenues due to lower gas prices is fully offset by increased gold price. Overall, the State budget has the capacity to completely fulfill all its obligations;

 - statements made by the official bodies of our major trading partners on March 9 in relation to their plans to ensure macroeconomic stability have been assessed positively;

 - the scope of the effect of the international financial and commodity markets to the economy of Uzbekistan dependents on the duration of the situation.

Measures aimed to minimize the negative effect of current situation in relation to macroeconomic stability in Uzbekistan will be developed. In this regard, a working group of three government agencies stated above was formed.

I would also take this opportunity to inform that on 13th of March, the next meeting of the CIS countries’ Economic Council will be held in Moscow. We will once again have discussion regarding current issue with our colleagues -representatives of major foreign trade partner countries.

The working group and relevant government agencies will closely monitor changes in the global financial and commodity markets and provide latest information by means of mass media.