Baku, Azerbaijan, Aug 30
By Fakhri Vakilov-Trend:
A draft law "On the Central Bank" has been developed in Uzbekistan, Trend reports with reference to the press service of the bank.
The document was prepared by the Central Bank with the assistance of the World Bank (WB) and the International Monetary Fund (IMF).
One of the upcoming changes is the appearance of the Central Banking Supervisory Committee.
The new law will also determine the legal status, functions and powers of the Central Bank. Moreover, the main goals of the organization will be to ensure price stability and the functioning of payment systems.
Furthermore, the bill provides for the improvement of monetary policy and increase of its transparency.
In addition, mechanisms will be developed for the influence of the Central Bank on risk management, increasing the efficiency of the data collection and analysis system. It also provides for the strengthening of the financial stability of the banking system.
The Board of the Central Bank will include two independent members who will be approved by the Kengash (Council) of the Senate of the Parliament of Uzbekistan.
Earlier it was reported that in August, the Central Bank of Uzbekistan refused to regulate the exchange rate and it no longer sets prices for the sale and purchase of foreign currency.
---
Follow author on Twitter:@vakilovfaxri