MONETARY POLICY IN THE REPUBLIC OF UZBEKISTAN: INSTITUTIONAL TRANSFORMATION AND MACROECONOMIC IMPLICATIONS

Authors

  • Khodjimamedov Akmal Ashurovich Acting Associate Professor of the Department of Finance, PhD Samarkand institute of economics and service
  • Tuxtamurodova Mahfuza Tuxtamurodovna Student of Samarkand institute of economics and service
  • Baqayeva Nodira Gʻulomovna Student of Samarkand institute of economics and service

Keywords:

monetary policy, inflation targeting, central bank independence, exchange rate liberalization, interest rate channel, macroeconomic stability, financial sector.

Abstract

This article provides an in-depth analysis of the transformation of monetary policy in the Republic of Uzbekistan and its role in ensuring macroeconomic stability. The study examines the shift from administratively regulated monetary mechanisms to market-based instruments, with particular emphasis on the gradual adoption of inflation targeting and the strengthening of central bank independence. Exchange rate liberalization, interest rate transmission mechanisms, and financial sector development are assessed as key determinants of monetary policy effectiveness.

 

 

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References

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O‘zbekiston Respublikasi Prezidenti. (2017). Valyuta siyosatini liberallashtirish to‘g‘risidagi Farmon. Toshkent.

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Published

2025-12-24

How to Cite

Khodjimamedov Akmal Ashurovich, Tuxtamurodova Mahfuza Tuxtamurodovna, & Baqayeva Nodira Gʻulomovna. (2025). MONETARY POLICY IN THE REPUBLIC OF UZBEKISTAN: INSTITUTIONAL TRANSFORMATION AND MACROECONOMIC IMPLICATIONS. International Multidisciplinary Journal for Research & Development, 12(12), 1059–1062. Retrieved from https://www.ijmrd.in/index.php/imjrd/article/view/4513

Issue

Vol. 12 No. 12 (2025): International Multidisciplinary Journal for Research & Development

Section

Articles

License

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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.