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Monetary policy Objective and principles

Update date:  30 May 2024, 15:07

Monetary Policy

Monetary policy is a set of measures implemented by the Central Bank to ensure price stability in the economy.

Monetary Policy Objective

The key goal of monetary policy is to ensure price stability in the economy. By ensuring low and stable inflation the Central Bank of Uzbekistan provides necessary conditions to protect households’ incomes and support sustainable inclusive economic growth.

Inflation targeting regime

Under the inflation targeting regime of monetary policy, a target level for inflation is set, and all actions of the Central Bank are aimed at keeping inflation near this target.

By the Decree of the President of the Republic of Uzbekistan No. 5877 dated 18 November 2019 (hereinafter - the Decree), the monetary policy started gradually moving to the inflation targeting regime. According to the Decree, the inflation target is set at 5 per cent.

2019. UP-5877 "On improving monetary policy with a gradual transition to the inflation targeting regime"

Main principles of monetary policy

  • Setting an inflation target and focusing all monetary policy measures to achieve it;

  • The policy rate of the Central Bank is the key instrument of monetary policy implementation;

  • The operational mechanism of monetary policy is developed and improved independently;

  • Monetary policy decisions and measures are based on macroeconomic analyses and forecasts;

  • Changes in monetary policy are implemented transparently and explained in detail to the general public.

pdf 15.8 KB
The essence of monetary policy principles

pdf 1.1 MB
Inflation targeting in Uzbekistan: necessity, prerequisites and challenges.

pdf 910.8 KB
Uzbekistan: Transition to Inflation Targeting.

pdf 865.0 KB
Concept of Development and Implementation of Monetary Policy of the Central Bank of the Republic of Uzbekistan for the Medium Term perspective.



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