From September 7 to 11, 2026, a delegation from the International Monetary Fund and National Bank of Cambodia visited the Central Bank of the Republic of Uzbekistan.
The visit provided an opportunity to exchange experience in the formulation and implementation of monetary policy, the operational framework of the central bank, liquidity management, the development of financial and money markets, macroeconomic forecasting, and monetary policy communication.
The participants also held a roundtable discussion on monetary and exchange rate policy in highly dollarized economies. Experience was shared on the prerequisites and institutional foundations for Uzbekistan’s transition to the inflation-targeting regime, as well as its implications for monetary policy.
An important part of the visit focused on the Central Bank’s operational framework, liquidity management, and payment systems. In particular, participants discussed the use of monetary policy instruments, liquidity management and forecasting in the banking system, as well as the impact of Central Bank operations on money market conditions.
In the area of macroeconomic analysis and forecasting, presentations covered the monetary policy decision-making process, the Forecasting and Policy Analysis System (FPAS), and modelling tools used for inflation forecasting, as well as their role in supporting monetary policy decisions.
Experience was also exchanged on the Central Bank’s monetary policy communication, including key approaches to communicating policy decisions to the public and market participants.
The visit also focused on foreign exchange market reforms and development in Uzbekistan, the development of the money market, and the use of repo operations. A separate roundtable discussion was held between the two central banks on liquidity management and forecasting, with participants sharing practical experience and approaches.
During the concluding session, the key issues discussed and practical takeaways from the week-long programme were reviewed. Participants also exchanged views on future areas of cooperation with the International Monetary Fund.
The visit contributed to further strengthening practical experience-sharing between the central banks of Uzbekistan and Cambodia in the areas of monetary policy, macroeconomic forecasting, liquidity management, and financial market development.
