Central Bank of Uzbekistan to maintain tight monetary policy
Tashkent, Uzbekistan, Jan. 17
By Mamed Dashdamirov – Trend:
In 2018, the Central Bank of Uzbekistan will continue to tightly pursue monetary and credit policy, aimed primarily at preventing the influence of monetary factors on inflation, the Central Bank told Trend.
Furthermore, the country's growing economy needs increased lending to various projects, the Central Bank noted.
Thus, the most balanced growth rates of the money supply are seen in the range of 12-14 percent.
Therefore, the Central Bank will closely monitor the growth of monetary aggregates and accordingly respond to their retention within the specified limits, said the bank.
Along with this, active work will continue to create necessary conditions for gradual transition to the inflation targeting regime in the medium term, the Central Bank added.
To this end, with involvement of the IMF technical mission, it is planned to develop the "Medium-Term Concept for the Development and Implementation of Monetary Policy" in the first quarter of 2018.
In addition, measures are envisaged to further improve and simplify the procedure for buying and selling foreign currency by legal entities and individuals, including through the introduction of a mechanism for remote execution of foreign exchange transactions and permission to withdraw cash foreign currency from conversion payment cards within the country with the expansion of the network of the corresponding ATMs .
A particular attention will be paid to ensuring the protection of the rights and legitimate interests of consumers of banking services through conducting inspections of the compliance of financial services with mandatory requirements, increasing the availability of finance for the population and business entities and their level of financial literacy.
As previously reported, the aggregate volume of money supply in Uzbekistan increased by 40.2 percent in January-December 2017, to 73.2 trillion soums against growth of 23.5 percent over the same period in 2016.
(8,146.38 soums = $1 on Jan. 17)