On February 11th of current year, as part of the twelfth meeting of the Uzbekistan Money Market Working Group, Axel van Nederveen, Treasurer of the European Bank for Reconstruction and Development (EBRD), as well as experts Aude Pacatte and Eldor Zakirov, visited the Central Bank of the Republic of Uzbekistan.
At the meeting with management and specialists of the Central Bank, they discussed the latest macroeconomic conditions, the state of liquidity formation in the banking system, the role of the Central Bank’s main liquidity operation in regulating liquidity and its volume, activity in the interbank money market, and the formation of interest rates. At the end of the meeting, the participants touched upon current areas of cooperation and outlined future plans.
The next event on the agenda was a meeting of the Money Market Working Group with the participation of treasurers of commercial banks. The meeting discussed the current state of liquidity in the banking system, activity in the interbank money market, and the dynamics of interest rate formation.
In order to increase the capacity of money market participants and exchange international experience, the issues of using currency swaps to manage liquidity and hedge exchange rate risks were considered. Issues of managing interest rate risk in the context of floating interest rates were also discussed. Experts presented an example of the global derivatives market, where interest rate swaps are the most widely traded instrument.
In addition, the results of the simulation training held in November 2025, which covered topics such as managing risks on the balance sheets of commercial banks, making decisions on pricing banking products, and using interest rate swaps in virtual scenarios, were summarized.
At the same time, an open question-and-answer session was held between the Central Bank, commercial banks, and experts, discussing practical issues and topics for future cooperation.
