In his opinion, the main reason for this problem lies in the economic policy pursued by the government, rather than in the actions of the National Bank.
“We import significantly more than we export: we bring in expensive products while mainly exporting gold and goods with low added value. We practically have no high-tech exports, and this negatively impacts the exchange rate of the som,” Mamatov explained.
He emphasized that a key goal of economic policy should be to reduce the trade imbalance to zero. To achieve this goal, it is necessary to invest in export-oriented industries, develop manufacturing and processing capacities, as well as create large companies and sustainable production chains.
Mamatov also noted that underdeveloped logistics pose a serious obstacle to increasing export volumes.
“Export involves not only production but also logistics and supply chains. Currently, this aspect is not receiving enough attention,” he added.
Considering economic growth and potential external risks, according to Mamatov, resources should be directed towards real manufacturing sectors capable of ensuring stable foreign currency income and improving the country's trade balance.
