This year, against the backdrop of global instability and economic uncertainty, the price of gold has reached historically high levels. This situation brought significant additional income to Uzbekistan. However, economists emphasize the need to accumulate a certain part of these surplus funds, without fully directing them to the economy. Because a sharp strengthening of the soum can have a negative impact on the economy in the long term.
At a press conference held on September 11, Timur Ishmetov, Chairman of the Central Bank, responded to a Kun.uz correspondent's question and expressed his opinion on this issue.
He noted that the proceeds from gold trading are accumulated not in the accounts of the Central Bank, but in the accounts of manufacturing enterprises and the state budget. He also specifically commented on the idea of accumulating excess income.
- The positive formation of gold prices is, of course, beneficial for our economy. This will lead to the emergence of additional funds in enterprises and an increase in tax revenues to the budget. "It would be correct for the Ministry of Economy and Finance to make the main statement on the issue of preserving or not losing excess income," said Ishmetov.
According to him, in world practice, there are mechanisms to cover economic costs during a recession by accumulating surplus revenues during periods of positive changes in commodity prices. This is more characteristic of such goods as oil.
- For example, oil. During economic growth, its price rises, and budget revenues increase. During a recession, oil prices fall and revenues decrease. Therefore, this mechanism works in oil. Gold, however, has a countercyclical nature: in problematic situations, people start investing in it, and it automatically acts as a stabilizer," he added.
According to the head of the Central Bank, the idea of accumulating excess income from gold is difficult to fully implement in practice. Because when the economy is stable, the price of gold is often low and there are no additional revenues. The high price is mainly due to global uncertainties and concerns.
In this regard, Ishmetov noted that in most cases, gold itself acts as an automatic stabilizer. Therefore, applying an unnecessary mechanism to it may not be effective.
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