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Kyrgyzstan could resume state regulation of sugar prices

State regulation of sugar prices could be reintroduced in Kyrgyzstan. The draft resolution of the Cabinet of Ministers was submitted for public discussion by the Ministry of Economy and Commerce.

The resolution was prepared to ensure the accessibility of sugar to consumers of the republic in the context of the current epidemiological situation in the world. Data from the National Statistical Committee shows that sugar prices grew by 3,42 percent in October — from 66,41 soms to 68,68 soms.

In comparison to 2020, the price grew by 29,11 percent or 15.5 soms.

«The inflation of prices is caused by the growth in the wholesale cost of sugar, growth of exchange rate of dollar and other foreign currencies to som. Such conditions create a necessity of state regulation to prevent further growth of prices,» the ministry notes.

Legally, state regulation can be introduced when price growth reaches 20 percent or more in a month. There is no such a situation in the republic, but the Ministry of Economy nevertheless wishes to introduce state regulation, «taking into account the emergency in the Kyrgyz Republic due to the current epidemiological situation in the world». It will be in effect for 90 days.