Monetary policy transmission in Uzbekistan under the inflation targeting framework

Nazarova , Kamola, Назарова , Камола, Nazarova, Kamola

Иқтисодий тараққиёт ва таҳлил · 2026-yil

Annotatsiya

This paper discusses the mechanism of transmission of the monetary policy in Uzbekistan in the framework of the inflation targeting (IT) which is officially followed by the Central Bank of Uzbekistan since 2021 (CBU). The analysis indicates that the main refinancing rate is transmitted into the financial system to impact output and prices using methods of Vector Autoregression (VAR) and Structural VAR (SVAR) on quarterly data covering 2010-2023. The results show that interest rate channel is the most effective transmission channel, exchange rate channel comes next and credit channel is limited by structural weakness in the banking sector. The monetary policy shocks explain about 18-22 percent of inflation variance at a 12-month horizon. Some of the major obstacles are dollarization, strong state-owned banking industry, ineffective financial intermediation and low financial literacy. Some of the policy prescriptions include complementary fiscal moderation, faster financial sector reform, and better communication by the central bank.

Maqola ma’lumotlari
MualliflarNazarova , Kamola, Назарова , Камола, Nazarova, Kamola
JurnalИқтисодий тараққиёт ва таҳлил
NashriyotЎзбекистон иқтисодиётини ривожлантиришнинг илмий-тадқиқот маркази
ISSN2992-877X
Nashr sanasi2026-04-30
Jild4
Son4
Betlar152-159
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/2992-877x-2026-vol4-iss4-pp152-159
Indeksga qo‘shilgan2026-08-27

DOI: 10.60078/2992-877x-2026-vol4-iss4-pp152-159 · Maqolaning asl sahifasi

Kalit so‘zlar

monetary policy transmission, inflation targeting, Uzbekistan, трансмиссия денежно-кредитной политики, инфляционное таргетирование, Узбекистан, pul-kredit siyosati transmissiyasi, inflyatsion targetlash, O‘zbekiston

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APANazarova , Kamola, Назарова , Камола, & Nazarova, Kamola (2026). MONETARY POLICY TRANSMISSION IN UZBEKISTAN UNDER THE INFLATION TARGETING FRAMEWORK. Иқтисодий тараққиёт ва таҳлил, 4(4), 152-159. https://doi.org/10.60078/2992-877x-2026-vol4-iss4-pp152-159
GOST (OAK)Nazarova , Kamola, Назарова , Камола, Nazarova, Kamola MONETARY POLICY TRANSMISSION IN UZBEKISTAN UNDER THE INFLATION TARGETING FRAMEWORK // Иқтисодий тараққиёт ва таҳлил. – 2026. – T. 4, № 4. – P. 152-159. – DOI: 10.60078/2992-877x-2026-vol4-iss4-pp152-159.
MLANazarova , Kamola, Назарова , Камола, and Nazarova, Kamola. “MONETARY POLICY TRANSMISSION IN UZBEKISTAN UNDER THE INFLATION TARGETING FRAMEWORK.” Иқтисодий тараққиёт ва таҳлил, 4(4), 152-159, 2026. https://doi.org/10.60078/2992-877x-2026-vol4-iss4-pp152-159
ChicagoNazarova , Kamola, Назарова , Камола, and Nazarova, Kamola. “MONETARY POLICY TRANSMISSION IN UZBEKISTAN UNDER THE INFLATION TARGETING FRAMEWORK.” Иқтисодий тараққиёт ва таҳлил, 4(4), 152-159 (2026). https://doi.org/10.60078/2992-877x-2026-vol4-iss4-pp152-159
HarvardNazarova , Kamola, Назарова , Камола, and Nazarova, Kamola (2026) ‘MONETARY POLICY TRANSMISSION IN UZBEKISTAN UNDER THE INFLATION TARGETING FRAMEWORK’, Иқтисодий тараққиёт ва таҳлил, 4(4), 152-159. https://doi.org/10.60078/2992-877x-2026-vol4-iss4-pp152-159
BibTeX
@article{nazarovakamola2026,
  title = {MONETARY POLICY TRANSMISSION IN UZBEKISTAN UNDER THE INFLATION TARGETING FRAMEWORK},
  author = {Nazarova , Kamola and Назарова , Камола and Nazarova, Kamola},
  journal = {Иқтисодий тараққиёт ва таҳлил},
  year = {2026},
  volume = {4},
  number = {4},
  pages = {152-159},
  doi = {10.60078/2992-877x-2026-vol4-iss4-pp152-159},
  url = {https://doi.org/10.60078/2992-877x-2026-vol4-iss4-pp152-159}
}

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