Representatives of the International Monetary Fund mission, headed by Ron van Ruden, began online consultations with representatives of ministries and agencies of Uzbekistan on January 26 to assess the economic and financial development of the country and to familiarize themselves with the fiscal and monetary directions credit policy.
Consultations are included in Article IV of the IMF agreements, the Central Bank of Uzbekistan notes.
On January 26, the IMF mission met with the leadership of the Central Bank. The meeting discussed current macroeconomic policies, measures taken by the Central Bank during the coronavirus pandemic, inflation and factors influencing it, the stability of the banking system in times of crisis, and the problems faced by the regulator.
The management of the Central Bank noted that in 2020, despite the difficult conditions of the pandemic, the banking system was stable and the reporting period ended with positive financial results. It was also stated that in 2021 a separate department would be established within the Central Bank to study and ensure the financial stability of banks.
The Head of Mission noted the effectiveness of the monetary and macro-prudential policies pursued by the Central Bank, which had ensured inflation targets in Uzbekistan despite the pandemic. In addition, the parties noted the importance of the participation of international financial institutions and foreign investors in the process of reforming the banking system, transforming state-owned banks and privatizing them.
The mission will continue its work until February 12.