Kuchkarov: Impact of the situation on international commodity markets on the exchange rate of the soum is neutral

According to him, the government held a meeting on March 9, during which the consequences of the situation in the global financial and commodity markets for the economy of Uzbekistan were discussed. 

It should be recalled that on Monday, the record fall in oil prices since 1991 led to the collapse of markets. On exchange markets around the world, there is a decline in leading indices. Due to a sharp drop, it was necessary even to temporarily stop trading on exchanges in the United States.

“We assess the impact of the situation on international commodity and financial markets on the exchange rate of the soum as neutral,” Kuchkarov wrote. 

The Minister noted that the country’s budget will face losses as a result of decline in gas prices, but gold and foreign exchange reserves can make up for all losses. In addition, the state budget is able to fully fulfill all its obligations, Kuchkarov emphasized.

At the same time, he pointed out that the influence of the unstable situation in the international financial and commodity markets on the economy of Uzbekistan depends, first of all, on the long-term consequences of these fluctuations.