Ishmetov said the regulator is working to make its monetary policy tools more effective while strengthening the infrastructure of the country’s financial markets.
According to the Central Bank chief, the regulator has become more independent in making key rate decisions in recent years. He also said Uzbekistan’s exchange-rate regime had gradually shifted to a free float.
“We are fully independent in this regard [on the key rate]. And we do not face any problems, as some central banks probably do, which are still under pressure from governments. We are fortunate – we do not have such problems,” Ishmetov said.
He identified improving the effectiveness of the Central Bank’s own policy instruments as a key priority, noting that monetary policy transmission in Uzbekistan remains uneven.
Ishmetov said the structure of the economy still requires further reforms, including the development of financial market infrastructure in both foreign currency and the domestic currency market.
Expanding financing in the national currency is another priority for the Central Bank, he said. The regulator is investing significant resources and time in developing the infrastructure needed to support local-currency financing.
“This will make our monetary policy instruments more effective,” Ishmetov said.
