Baku, Azerbaijan, Aug 20
By Fakhri Vakilov - Trend:
First Deputy Minister of Finance of Uzbekistan Timur Ishmetov announced measures to be taken to prevent sharp fluctuations in the exchange rate of the national currency at a press conference in Tashkent on August 20, Trend reports referring to Uzbek media.
“The additional infusion of investment in the economy had, of course, a positive effect. Nobody denies economic growth. Nevertheless, if you look at the positive and negative sides, it’s time to reorient our economic policy to disciplining our fiscal expenses a little more so that these negative aspects do not interrupt all the positive ones," he said.
According to him, the Ministry of Finance will “strictly monitor” fiscal expenditures of the state budget, extra-budgetary funds of budgetary organizations and the Fund for Reconstruction and Development of Uzbekistan.
“The source that will replace financing will be external borrowing. Nevertheless, it will be carried out within reasonable limits in order to maintain our historically conservative approach to building up the public debt,” the first deputy head of the Ministry of Finance emphasized.
He added that plans or discussions to impose restrictions on foreign exchange transactions or imports "are not available and are not being discussed."
“The reason for the exchange rate is only those factors that affect current demand and supply,” Ishmetov said.
On August 20, the Central Bank announced that commercial banks are allowed to sell foreign currency in cash through exchange points.
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