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The object of the researchis 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 2018-2019 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
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 cardscirculation; 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 cashand non-cash payments. As a result, the volume of money operations related with cash circulation doubled;
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.
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