“There is nothing wrong with increasing imports” – first deputy chairman of the Central Bank

There is nothing bad in the predominance of imports over exports, first deputy chairman of the Central Bank of Uzbekistan Timur Ishmetov said.

“This is a deferred demand — when at first enterprises couldn’t meet their needs for a long time, then, at once decided to upgrade equipment, modernize production, so imports are now much more than exports, he said. We think, it will continue for another couple of years – this is normal.”

The representative of the CB stressed that now people are spending a part of their savings – “the savings nature is shifting to investment, there’s nothing bad in that.”

“However, it makes sense for the government to analyze the import grid. And if it is possible to produce certain goods in our country and save monetary resources, then why not, but without creating any restrictions and prohibitions,” Timur Ishmetov said.

He explained that the restrictions include obstacles in currency conversion. 

In addition, Mr. Ishmetov clarified that customs and tariff policy is not a limitation. It is actually a policy and all countries use it: the United States, China. It’s normal to protect one’s interests, but the main thing is that everything should be reasonable.

According to the data of the State Statistics Committee, in 2018, Uzbekistan’s foreign trade turnover amounted to $33,8 billion and increased by 27,3% compared to 2017. Exports amounted to $14,2 billion (growth rate – 13.6%), import volume – $19,5 billion (growth rate – 39,6%). The balance of foreign trade was minus $5,3 billion.