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Inflation in Uzbekistan was historically relatively high**, and in recent years there has been a further acceleration of inflation in effect of structural reforms in the economy, liberalization of regulated prices, changes in tax policy and rising incomes. This raised the issue of reducing inflation in order to ensure macroeconomic stability.
Inflation targeting by the Central Bank
As a solution to this issue, the Central Bank demanded to improve its monetary policy, in particular, the revision of its directions and principles. In order to achieve long-term sustainable economic growth and increase the welfare of the population, by presidential decree, the Central Bank has been given the responsibility to ensure a stable low inflation...
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