Tashkent, Uzbekistan (UzDaily.com) -- President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting on 29 January to analyze the impact of measures taken in our country to improve monetary policy and foreign trade.

It was noted at the meeting that in our country the limitations and problems associated with the free acquisition and sale of currency, which were a serious obstacle to development of the economy and the activities of entrepreneurs, were eliminated. If before, when there was a requirement for the mandatory sale of export earnings, the volume of use of foreign exchange earnings from exports in the domestic market was 30 percent, then after the removal of such restrictions, this figure reached 61 percent.

As a result, organizations were able to purchase the necessary raw materials and equipment for them, to provide current and investment needs. Last year, the volume of industrial production grew by 14.4 percent, export earnings - by 19 percent, the volume of currency sold to exporters to banks increased 1.9 times.

This, in turn, serves to attract foreign investment in the economy of our country, the organization of competitive industries, increase export potential.

The head of our state in the Address to Oliy Majlis of 28 December 2018 noted among the important tasks in the economy the consistent continuation of the policy of monetary liberalization, the implementation of a stable monetary policy.

The meeting discussed measures in this direction. The meeting gave instruction on the rational use of foreign exchange reserves, the development of specific strategies for managing them.

It was noted the need to optimize the structure of gold reserves, the use of securities in storage of currency, including highly liquid bonds, taking into account international experience.

The most optimal way to increase foreign exchange earnings and foreign exchange reserves is to increase export potential. In this regard, the export forecast for the current year is determined in an amount 1.3 times higher than last year’s figures.

It was noted that some economic entities have arrears in export earnings.

The Cabinet of Ministers, the Central Bank, the Ministry of Economy and Industry have been instructed to develop and ensure implementation of specific measures to reduce overdue receivables in the context of each business association.

According to international experts, changes in foreign trade turnover are a natural phenomenon in the context of economic liberalization and increased investment.

The President emphasized that freely acquired currency should serve the goals of further development of the economy.

It is indicated that in order to increase the competitiveness of domestic production in the domestic and foreign markets, it is necessary to effectively use the currency resources of economic entities and enterprises when purchasing technologies, equipment, raw materials and materials having an investment character. It was noted the need to determine measures to increase the production of import-substituting and localized products in enterprises with a state share.

The task was to study the impact of new customs tariffs on domestic production and to further improve existing tariffs.

At the meeting, the proceeds from exports in the context of leading enterprises and organizations are critically analyzed, and shortcomings in this area are indicated. The tasks to increase the export potential of the country, in particular the increase in export revenues of leading exporting enterprises. It was emphasized that in this case it was necessary to identify areas of relatively priority importance, as well as to develop concepts and roadmaps for their development.

On the issues discussed at the meeting, the information of the responsible persons was heard.