On June 25, 2018, the Committee of the Senate of the Oliy Majlis of the Republic of Uzbekistan on Budget and Economic Reforms organized a scientific-practical conference on “The impact of liberalization of monetary policy on the economy of Uzbekistan and the way of life of the population: success and problems”, at the Banking and Finance Academy. 

The conference was attended by representatives of responsible ministries and agencies, commercial banks, academic economists, specialists, as well as mass media workers. 

Speakers at the conference expressed their views on the need for effectively solving problems on implementing structural changes in the economy, in particular, development of a competitive environment in the market of goods and services, reducing production costs, improving the tax burden of enterprises, simplifying tax administration, reducing taxes and other obligatory payments. 

This, in turn, contributes to reducing the influence of non-monetary factors on inflation, while ensuring price stability in the economy. 

As reported by the Information Service of the Senate of the Oliy Majlis of the Republic of Uzbekistan, during the discussions, attention was focused on the lack of an established system of constant analysis of prices on food products, wrong organization of seasonal work on ensuring food products and other consumer goods, inefficient activities of the Fund for promoting price stabilization in the domestic consumer market. All these factors are the reason for an unjustified price increase. 

In addition, it was recommended to develop a mechanism for further coordination of activities of responsible ministries and agencies for a balanced implementation of general economic, fiscal and monetary policy. 

At the same time, taking into account the liberalization of the terms of foreign trade and improvement of trade and economic relations with neighboring countries, the need for development of a strategy for production of competitive products in the country, focusing on the most prospective areas, based on the available opportunities was noted. 

Following the conference, measures were outlined on implementation in practice of recommendations on introducing amendments and additions to the current legislation in connection with development of the financial market, introduction of microfinance mechanisms and allocation of credit resources by commercial banks on preferential terms, issuance of government short-term securities, introduction of an import-based supply system of only raw materials, the possibility of production of which does not exist in the country.