On November 27, 2025, the Central Bank of the Republic of Uzbekistan hosted an international roundtable dedicated to the topic “The Importance of a Floating Exchange Rate in an Inflation Targeting Regime.” The event brought together representatives of international financial institutions, economists, banking and financial sector specialists, and media outlets. Participants discussed the phased results of reforms aimed at developing the country’s foreign exchange market, the transition to a floating exchange rate, and key issues related to the effective implementation of inflation targeting.
During the roundtable, experts exchanged detailed views on the role of the floating exchange rate in inflation targeting, the main factors influencing exchange rate dynamics, and modern approaches to managing international reserves in today’s global environment. They also discussed international experience and practical recommendations for strengthening confidence in the national currency, and enhancing the transparency and stability of the foreign exchange market.
International experts also shared their perspectives on the role of the floating exchange rate in mitigating external shocks, transmission channels, and its impact on macroeconomic stability.
In particular, the experts emphasized that close cooperation between the Central Bank, commercial banks, the private sector, and international organizations is a decisive factor in the gradual transition to a freely floating exchange rate. They also expressed strong interest in future plans to deepen market infrastructure, improve the mechanisms of exchange rate formation, develop the derivatives market, and introduce local hedging instruments.
The Central Bank announced that it will continue to consistently work on further improving the foreign exchange market infrastructure, increasing liquidity, developing reliable international reserve management practices, and introducing instruments aligned with advanced international standards.
