The State Program for 2021 envisages a gradual reduction of the level of dependence of Uzbekistan’s economy on foreign currency.
In particular, the document provides for the reduction of the share of foreign currency loans from 50% to 45%. It is also planned to use monetary and prudential instruments to reduce the share of foreign currency in the assets and liabilities of banks.
It should be recalled that in his address to the Oliy Majlis in 2020, President Shavkat Mirziyoyev put forward a number of tasks to liberalize monetary policy.
“It is necessary to increase the share of international bonds issued in the national currency next year to at least 40% from the current 25%. At the same time, the interbank foreign exchange market will be transferred to the online platform and entrepreneurs will be able to buy currency directly from the bank,” Mirziyoyev said then.
It is reported that the reduction of the share of foreign currency loans by 5% in 2021 will lead to a decrease in this share by at least $2 billion. This is important in preventing the weakening of the national currency.