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ISSN 18045839
ISSN 18045839
ALISHER ISMAILOV
Banking and Finance Academy of the Republic of Uzbekistan, Tashkent, Uzbekistan
This article reveals the causing inflation to rise by
important issues related to Uzbekistan. Therefore, they are 0.3%.
During the years of backed by the assets of the
ensuring the stability of the During the years of 2000
independence, the Republic of monetary system of the Central Bank.
2011, the monetization
Uzbekistan has succeeded in Republic of The national monetary system of coefficient had a stable growing
building the modern monetary Uzbekistan and develops the republic is regulated by the tendency. From 10.5% in 2000,
system. The national currency scientific and practical Central bank. it rose up to 21.7% in 2011.
was introduced, monetary and proposals to address those As a result of concrete measures Despite the increase in the
currency markets have been issues. undertaken by the Central bank monetization coefficient of the
developed along with the Hereby, we explore and within the framework of the economy, inflation level is
provision of independence of the summarize the experience of monetary policy during maintained within the
Central Bank. However, the some foreign countries in 2006 2011, the balance established macroeconomic
stability of national monetary maintaining the stability of the between money supply and the parameters. In 2011, the
system has not been ensured yet. national monetary system and GDP growth, taking into account inflation rate was
In particular, the monetization analyze the practical materials the real demand of the economy 7.6% and this is considered as
level of the economy remains published by the Central Bank to money resources, was ensured. one of the most stable among
low, while the GDP deflator is of Uzbekistan. The money supply control has countries over the period of
rather high. In addition, high been executed by regulating the 2005 2011.
level of national currency dynamics of net domestic assets Results of researches by
devaluation is observed in recent and international reserves as well
National monetary system P.Graude and M.Polan (2001)
years. as the liquidity of the banking
as a statelegal form of show that there is a direct
organizing the money system and the volumes of proportional relationship
Eventually all these urgent reserve currencies.
circulation, consists of the between money growth rate and
problems will negatively
following elements: monetary inflation rate. Therefore,
influence the stability of In order to regulate the money
unit, money circulation maintaining the stability of the
macroeconomic growth. The supply, the monetary policy monetary system is of great
relatively high level of the GDP structure, organization and
regulation of money instruments were widely used by practical importance in
deflator (GDP deflator reflects a the Central Bank of Uzbekistan, controlling the inflation growth.
more realistic rate of inflation) circulation; the money supply
and its structure; the parity and and also the measures were taken
has led to the significant growth to attract new deposits of
of the money supply, which the exchange rate of the
national currency; the commercial banks with excess
resulted in a strong devaluation liquidity and to change the
of the national currency of principles of organizing the
monetary system. refinancing rate and the level of
Uzbekistan. For example, in required reserves. Implementation
2012 the devaluation level of the of these measures has contributed
national currency against the The national currency of
Uzbekistan is sum. It was to the decrease of the inflation
U.S. dollar was 10.5%. In rate, provided the stability of the
addition, because of the low introduced into circulation on
July 1, 1994. All national currency exchange rate
monetization coefficient, a crisis as well as the high rates of real
of defaulted payments among denominations of the national
currency (1, 3, 5, 10, 25, 50, output growth.
business entities has arisen.
and 100) are the banknotes of
the Central Bank of the Figure 1: Annual inflation rate
The author proposes to increase
Republic of and the refinancing rate of the
the volume of foreign currency
Central bank of the Republic of
swap and Gold Swap operation www.journals.cz/ Uzbekistan
of the Central Bank of
Uzbekistan in order to decrease
the devaluation of the national
currency. The author also
suggests increasing the
flexibility of monetary policy
instruments such as an open
market policy and reserve
requirements to ensure the stable
growth of the money supply.