Тошкент давлат иқтисодиёт университети ва ўзбекистон республикаси банк-молия академияси

The object of the research 
is the impact on the macroeconomics of the 
currency policy of the Republic of Uzbekistan, its tools and mechanisms.
 
Scholarly novelty of the research 
is as follows: 
improving methodological approaches to adapting currency policy, the 
exchange rate channel, and the transmission mechanism of the monetary regime to 
the conditions of the free float exchange rate regime; 
proposing a methodology for using indicators of the elasticity of the trade 
balance in relation to the real effective exchange rate in determining the average 
and long-term projected indicators for the formation of the exchange rate; 
forecasting exchange rate volatility indicators for the period 2019-2021 year 
by using the ARCH family model; 
proposing and widening policy instruments of the Central Bank such as 
discount rate, overnight, repo rates, as well as the effective stock market rate in 
order to further increase the effectiveness of monetary and foreign exchange 

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policies on the real economy, liquidity of commercial banks, financial stock 
market; 
developing systemic approaches to create the necessary conditions for the 
transition to inflation targeting, in particular, to ensure the institutional 
independence of the regulator and to create an economic, financial and technical 
infrastructure. 
Implementation of research findings. 
On the basis of the developed 
proposals for improving the methodological aspects of the exchange currency 
policy of the Central Bank there were introduced such proposols: 
proposals for the development of a new conceptual framework for monetary 
policy in accordance with international standards; the use of elastic indicators of 
the trade balance in relation to the real effective exchange rate in determining the 
medium and long-term projected indicators of the exchange rate; implementing 
into the practice of the banking system various types of interest rates, such as 
discount rate, overnight, repo and effective fund market rate and improving 
legislative base of the currency policy relations (official reference of the Central 
Bank of the Republic of Uzbekistan dated on August 10, 2018 №11-09/231 and 
№11 -03/167 dated on May 29, 2018). These proposals provided possibilities to 
determine the priority directions of liberalization of monetary policy, liberalization 
of the exchange rate policy and to improve the quality of the foreign exchange 
services; 
proposals for improving the mechanism of sale and purchase of foreign 
currency by individuals, the active attraction and effective use in foreign currency 
of funds in foreign currency stored on plastic cards, such as Visa Card, Master 
Card, Union Pay, in order to create conditions for making purchases at trade 
centers the provision of services (Korzinka, Makro, Poytaxt, etc.) through online 
conversion, this proposal was used in the activities of the Joint-stock commercial 
bank of «Industrial-construction bank of Uzbekistan» (official reference JSC bank 
of «Industrial and construction bank of Uzbekistan» dated on July 30, 2018 №04-
27-666/6326). The implementation of this proposal has created the possibility of 
improving the efficiency and quality of services in foreign exchange transactions 
of commercial banks in practice; 
proposals for the further development and improvement of convenient 
payment services in the retail system and the provision of paid services, in 
particular, the optimization of the cash and cashless payment system, ensuring the 
continuity of payments in the payment mechanism related with plastic cards 
circulation; further increase and development of transparency and mass banking 
services by improving the incentive mechanisms for convenient banking services 
provided, in particular, increasing the speed and types of services, as well as 
reducing costs and risks; this proposal was used in the activities of the Joint-stock 
commercial bank of «Hamkorbank» (official reference JSC bank of 
«Hamkorbank» dated on August 1, 2018 №931/15-0202). The introduction of this 
proposal had an impact on the elimination of problems associated with the 
circulation of cash and non-cash payments. As a result, the volume of money 
operations related with cash circulation doubled; 

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proposals for the implementation of the national interpayment system 
platform as an anology to the international payment platform in banking operation 
systems in order to effectively compete and reduce risks in international payment 
system. This proposal was accepted for use in the Joint-stock commercial bank 
«Kapitalbank» (official reference JSC bank of «Kapitalbank» dated on August 8, 
2018 №12/00677-P); and proposals for the implementation of international 
payment cards in national currency base wich is competitive in international 
payment cards for businesses and individuals. This proposal was used in the 
activities of Joint-stock-commercial bank of «Turonbank» (official reference JSC 
bank of «Turonbank» dated on August 9, 2018 №11/04-410). As a result of these 
implementation risks in international payments will be reduced and transactions 
will be optimized, as well as their dependence, competitiveness and security will 
be increased.