The role of commercial banks in transmitting monetary policy to the real economy in Uzbekistan

Erdanayev Bunyodjon Abdumalikovich, Jamshidbek Navroʻzovich Ruziyev

Marketing · 2026-yil

Annotatsiya

The article examined how commercial banks transmitted the monetary policy of the Central Bank of the Republic of Uzbekistan to the real economy in 2025-2026. Official Central Bank statistics and releases were used to compare the key rate with deposit and lending rates and to compare funding, credit growth and ownership structure across banks with a state stake and private banks. Deposit rates stayed above the 14% key rate and kept real returns on soum savings positive, while lending rates adjusted more gradually. In the year to 1 August 2026 deposits grew by 33.9% and loans by 11.9%; private banks expanded lending by 21.2% and banks with a state stake by 7.5%. The deposit channel was found to work more strongly than the bank lending channel. Continued privatization, a deeper interbank market and lower dollarization were identified as the main directions for strengthening transmission.

Maqola ma’lumotlari
MualliflarErdanayev Bunyodjon Abdumalikovich, Jamshidbek Navroʻzovich Ruziyev
JurnalMarketing
NashriyotТошкент давлат иқтисодиёт университети
ISSN3060-4621
Nashr sanasi2026-10-15
Son10
Betlar363-374
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.67668/mj/2026iss10/2229
Indeksga qo‘shilgan2026-10-29

DOI: 10.67668/mj/2026iss10/2229 · Maqolaning asl sahifasi

Kalit so‘zlar

pul-kredit siyosati transmissiyasi, tijorat banklari, foiz stavkasi kanali, bank kreditlash kanali, inflyatsion targetlash, Oʻzbekiston, трансмиссия денежно-кредитной политики, коммерческие банки, процентный канал, канал банковского кредитования, инфляционное таргетирование, Узбекистан, monetary policy transmission, commercial banks, interest rate channel, bank lending channel, inflation targeting, Uzbekistan

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAErdanayev Bunyodjon Abdumalikovich, & Jamshidbek Navroʻzovich Ruziyev (2026). THE ROLE OF COMMERCIAL BANKS IN TRANSMITTING MONETARY POLICY TO THE REAL ECONOMY IN UZBEKISTAN. Marketing, (10), 363-374. https://doi.org/10.67668/mj/2026iss10/2229
GOST (OAK)Erdanayev Bunyodjon Abdumalikovich, Jamshidbek Navroʻzovich Ruziyev THE ROLE OF COMMERCIAL BANKS IN TRANSMITTING MONETARY POLICY TO THE REAL ECONOMY IN UZBEKISTAN // Marketing. – 2026. – № 10. – P. 363-374. – DOI: 10.67668/mj/2026iss10/2229.
MLAErdanayev Bunyodjon Abdumalikovich, and Jamshidbek Navroʻzovich Ruziyev. “THE ROLE OF COMMERCIAL BANKS IN TRANSMITTING MONETARY POLICY TO THE REAL ECONOMY IN UZBEKISTAN.” Marketing, (10), 363-374, 2026. https://doi.org/10.67668/mj/2026iss10/2229
ChicagoErdanayev Bunyodjon Abdumalikovich, and Jamshidbek Navroʻzovich Ruziyev. “THE ROLE OF COMMERCIAL BANKS IN TRANSMITTING MONETARY POLICY TO THE REAL ECONOMY IN UZBEKISTAN.” Marketing, (10), 363-374 (2026). https://doi.org/10.67668/mj/2026iss10/2229
HarvardErdanayev Bunyodjon Abdumalikovich, and Jamshidbek Navroʻzovich Ruziyev (2026) ‘THE ROLE OF COMMERCIAL BANKS IN TRANSMITTING MONETARY POLICY TO THE REAL ECONOMY IN UZBEKISTAN’, Marketing, (10), 363-374. https://doi.org/10.67668/mj/2026iss10/2229
BibTeX
@article{erdanayevbunyodjonabdumalikovich2026,
  title = {THE ROLE OF COMMERCIAL BANKS IN TRANSMITTING MONETARY POLICY TO THE REAL ECONOMY IN UZBEKISTAN},
  author = {Erdanayev Bunyodjon Abdumalikovich and Jamshidbek Navroʻzovich Ruziyev},
  journal = {Marketing},
  year = {2026},
  number = {10},
  pages = {363-374},
  doi = {10.67668/mj/2026iss10/2229},
  url = {https://doi.org/10.67668/mj/2026iss10/2229}
}

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