Uzbekneftegaz: The total volume of transactions on the commodity exchange for the domestic market amounted to about 400.8 billion soums
Tashkent, Uzbekistan (UzDaily.com) -- The exchange mechanism, which is an important and integral part of the economy, has been qualitatively improved and brought to a new level of development.
Adoption of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan from 18 March 2020 No. 170 “On additional measures for the widespread introduction of advanced information technologies in the activities of commodity exchanges and the consistent development of e-commerce” and approved by this resolution “Regulation on the procedure for the sale of highly liquid and monopoly types of products” is a prime example of this.
When selling products through the exchange, there are the following three priorities:
- Firstly, entrepreneurs, without any obstacles, transparently and freely participate in exchange trading and acquire the necessary commodity resources.
- Secondly, sellers can receive additional income through auctions held on the stock exchange.
- Thirdly, the execution of transactions on the stock exchange is guaranteed and strengthens the contractual discipline of the parties.
As a result of the progress achieved, in the first half of 2022, the total volume of transactions for the domestic market on the SPOT trading platform of the Commodity Exchange of Uzbekneftegaz increased by 314.9 percent compared to the corresponding period in 2021 and amounted to about 400.8 billion soums
In addition, during the six months of this year, sulfur and liquefied gas were exported through exchange trading in the amount of US$6.9 million.
Registration of export contracts is fully automated, if earlier it took from 5 to 10 days to issue an export contract and register it with various state authorities, now the process of processing documents takes 1 day.
The widespread use of advanced IT technologies in exchange trading creates an important basis for the rapid development of B2B (business and business) and B2C (business and citizen) e-commerce models in our country.
According to the Roadmap, approved by the Decree of the Head of our State “On measures to further introduce market mechanisms in the processes of selling highly liquid and monopolistic goods”, from 1 September 2021, the transportation of products sold at exchange trading by monopoly and state organizations is carried out in the form of an auction through the portal of electronic logistics trade.
After the full launch of the above system, a competitive environment has been formed in the cargo transportation market and transparency has been ensured in this area.
Buyers managed to optimize their costs through an auction aimed at lowering starting prices.
The formation of an electronic queue for them eliminated possible problems, such as untimely loading of products purchased at exchange auctions.
With the help of the formation of an electronic queue, untimely loading of products purchased at exchange auctions was eliminated.