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International Finance and Accounting

Abstract

Since 2020, a phased transition to the inflation targeting regime has begun in the Republic of Uzbekistan, which necessitates a new approach to improving monetary policy. This is due to the fact that, firstly, in connection with the introduction of control over the target inflation indicator, control over the nominal exchange rate of the national currency was canceled; secondly, inflation is a multifactorial process, so non-monetary factors of inflation in certain intervals of time can lead to a sharp increase in the supply of money. According to the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" in the new edition, the strategic goals of the Central Bank are to ensure the stability of prices, banking and payment systems. Indeed, before that, the strategic goal of the Central Bank was to ensure the stability of the national currency. The article identifies the problems associated with improving monetary policy in the context of the transition to inflation targeting and developed scientific proposals aimed at solving these problems.

References

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