Meeting with the German Economic Team on Capital Account Liberalisation

On February 19, a meeting was held between representatives of the Central Bank and the German Economic Team to discuss about capital account liberalisation.

The Central Bank was represented by Nodirbek Achilov, Deputy Governor, together with senior representatives of relevant departments. The German Economic Team delegation included Woldemar Walter, Consultant at Berlin Economics; Matthias Lücke, Senior Researcher and Program Coordinator at the Kiel Institute for the World Economy; and Abduvakhid Suleymanov, Local Coordinator.

During the discussion, the importance of a gradual and well-sequenced approach to capital account liberalisation, supported by macroprudential safeguards and strong institutional capacity, was emphasized. Furthermore, ongoing foreign exchange market reforms, development of the derivatives market, expansion of hedging instruments for exporters and importers, strengthening of financial institutions, and implementation of stress testing frameworks were highlighted as essential components of the reform agenda. Progress in these areas should be carried out in a coordinated and parallel manner to ensure financial stability and institutional readiness.

Current account indicators were assessed as stable and serving as a positive benchmark. While certain restrictions for residents remain in place, the current regulatory framework provides for phased and regulated conditions for cross-border capital operations. Applicable requirements and safeguards continue to govern outward investments and the use of financial instruments in line with existing legislation and prudential standards.