Uzbekistan’s Central Bank plans to update daily money market indicators
BAKU, Azerbaijan, Jan. 14
By Klavdiya Romakayeva - Trend:
The Central Bank of Uzbekistan (CBU) plans to update daily money market indicators (MMI) - UZOIA (Uzbek Overnight Index Average) and UZWIA (Uzbek Weekly Index average) starting from January 18, Trend reports referring to the press service of the CBU.
According to the message, the indicators can serve as a basis for determining the value of money resources by market participants.
MMIs are indicators of the market where money and highly liquid short-term liabilities with maturities up to a year are traded.
At the moment, one of the main indicators is the overnight repo rate (the rate at which the central bank of a country lends money to commercial banks in the event of any shortfall of funds) in Uzbekistan amounting to 15 percent, and the base rate – 14 percent.
Earlier it was reported that the CBU will update currency exchanges on a daily basis, based on the average prices on the stock exchange. Starting from February currency exchanges will work daily from 10:00 to 15:00 (GMT+5). The CBU will update exchange rates at the end of the working day.
It was also noted that one of the main plans of the CBU this year is to reduce the dependence of the national currency on foreign currency and ensure that the inflation rate does not exceed 10 percent
Follow the author on Twitter: @romakayeva