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

Articles

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

Published 2025-12-24

  • Khodjimamedov Akmal Ashurovich
    • ,
  • Tuxtamurodova Mahfuza Tuxtamurodovna
    • ,
  • Baqayeva Nodira Gʻulomovna

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

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.

 

 

Keywords

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

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References

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