Atabek Nazirov: Citizens have billions of dollars “under the mattress”

According to the most conservative estimates, several billions of dollars are in the hands of the population of Uzbekistan, said Atabek Nazirov, director of the Capital Market Development Agency (CMDA).

In an interview with “Business Laboratories”, he said that CDMA made rough estimates of the amount of funds the people possess. "The amount of cash people save “under the mattress” is estimated at several billion dollars, if not tens of billions,” he stressed.

According to him, in order for this money to work, financial instruments should be developed. Then the business will also be able to attract the savings of the population as an investment.

“Why does this money lie “under the mattress?” In order for it to work, financial tools should be developed and clear rules need to be worked out. There must be a fair judicial system to challenge disputes, protect the rights of owners and shareholders,” Nazirov noted.