of January 9, 2018 No. UP-5296
About measures for radical enhancement of activities of the Central bank of the Republic of Uzbekistan
The happening serious changes in world financial system, and also the measures for large-scale reforming of national economy taken in the country require new approaches and the principles during the forming, practical realization of monetary policy and further development of bank system.
Objectively it is necessary to recognize that today in practice not all potential of monetary policy and bank regulation, backwardness of the transmission mechanisms ensuring due functioning and effectiveness of monetary tools is involved complicates achievement of effective objectives.
Imperfection of the available mechanisms of impact of the Central bank of the Republic of Uzbekistan (further - the Central bank) on quality of management and risk management of commercial banks, the continuing practice of administrative intervention in banking activity, especially, creation by commercial banks of the companies unusual for their activities, and also encumbrance by non-core functions complicate carrying out efficient banking supervision.
According to the Strategy of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021, and also for the purpose of ensuring further enhancement of monetary policy, effective supervision of stable functioning of bank system in general and activities of the Central bank:
1. Consider strategic target reference points of activities of the Central bank providing:
price stabilities;
stability and developments of bank system;
stability and developments of payment system.
2. Determine priority activities of the Central bank within the undertaken reforms:
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The document ceased to be valid since June 10, 2022 according to Appendix 2 to the Presidential decree of the Republic of Uzbekistan of June 9, 2022 No. UP-152