He noted that the main problem lies in the economic policy of the state, rather than in the actions of the National Bank.
“We import much more than we export: we bring in expensive goods, while we mainly export gold and products with low added value. There is virtually no high-tech products for export, which creates pressure on the som exchange rate,” Mamatov emphasized.
The economist also pointed out that the main task of economic policy should be striving for a zero trade balance. To achieve this goal, it is necessary to strengthen investments in export-oriented sectors, develop production and processing, as well as create large companies and sustainable production chains.
He also highlighted underdeveloped logistics as an important constraint for increasing export volume.
“Export includes not only production but also logistics and supply chains. Currently, this aspect is not given enough attention,” he added.
According to Mamatov, in the context of economic growth and potential external risks, resources need to be directed towards real production sectors that can ensure stable foreign currency income and improve the country’s trade balance.
