President Shavkat Mirziyoyev on September 13 signed the Measures for Further Improvement of Monetary and Credit Policy Resolution. The document points to the need for "a fundamental review of the current instruments of monetary policy to ensure macroeconomic stability and raising the living standards of the population."
The resolution approved the proposal of the Central Bank to shift of the principles and mechanisms for achieving monetary policy goals in the medium term to the inflation-targeting regime, applied worldwide in ensuring the stability of local prices.
The set of measures developed by the Central Bank, the Ministries of Finance and Economy for further improving the monetary policy for 2017-2021 and a phased transition to the inflation targeting regime has been approved.
The Central Bank was instructed to approve by March 1, 2018 a medium-term Concept for Development and Implementation of Monetary Policy and a roadmap for implementation of the concept for 2018-2021, providing for a phased transition to the inflation targeting regime.
Until October 1 of this year, a draft Concept for further development of Uzbekistan’s financial markets, including the government bonds market for medium and long term should be developed.
