Regulatory Alerts2019-11-19 | ПФ-5877Added · Updated
On Improving Monetary and Credit Policy through a Phased Transition to an Inflation Targeting Regime
The President of Uzbekistan mandates the Central Bank to transition monetary policy to an inflation targeting regime, aiming to reduce inflation to 10% by 2021 and establish a permanent target of 5% by 2023. The decree establishes new principles for monetary policy, including the use of market-based instruments like overnight deposits and auctions, and requires the Cabinet of Ministers and the Central Bank to implement coordinated measures such as liberalizing regulated prices and reforming the banking system. It also abolishes preferential lending practices by 2021, sets a fiscal deficit cap of 1.5% for 2022, and creates a commission to coordinate efforts in reducing inflation and ensuring price stability.
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