Department of accounting and statistics

. Monetary policy of Uzbekistan and prospects

There have been fundamental changes in the development of the monetary policy of the state, in particular the policy of mandatory reserves, which are an important component of it, and the implementation of its functions. In particular, the issue of ensuring the effectiveness of the policy of mandatory reserves currently maintained by the Central Bank of our republic, achieving the full implementation of its tactical and strategic tasks, occupies the most important and central place from the experiments on the reform of the banking system and its implementation.
The study of the theoretical characteristics of the policy of compulsory reserves is based on its direct monetary system and the reforms characteristic of different periods of its formation, which we conclude. Compulsory reserves Policy money loan policy
considered one of the most important means, it is another of the monetary credit policiesit fully demonstrates its essence and significance in interaction with other means. Initial in-depth and extensive research of monetary instruments
the main reason for this research is the strong instability in several countries of the world in the 20th century and at some point in time, namely in their strong budget deficit as well as in the policy of pulcredit there has been a connection with serious cases such as inflation escalating.
The Goya of such a creation lies in the states, which suffered a wide-ranging strong economic crisis that preceded the Second World War. The principle of "credit regulation", which Keynes put forward, is directly derived from the fundamental condition of this theory, that is, the dependence of production on credit, and is inextricably linked to it. While Keynes considers the reasons for the cyclical development of the economy through the percentage norm, unlike representatives of quantitative theory, which explains the reasons for the change in prices in the relative influence between the amount of goods and the amount of money, he described the psychology of factors affecting the conjuncture, depending on the main place of demand in production: employment, use of When the percentage of investment in the loan is high, entrepreneurs have a desire to "prefer liquidity", that is, to keep their investment in the form of money. To combat the investment of entrepreneurs, it is necessary to reduce the percentage of the loan.
It is important to note that after World War II, the first, i.e., way of encouraging effective demand, based on the reduction of the interest rate, was often rejected. Because the central banks were forced to pursue a policy of restrictive monetary policy, that is, to fight inflation and increase the interest rate. Such regulation is weak in most garb States in the 50s and 60s
applied effectively enough in conditions of monopolized competitive markets. However, the market monopolization process escalated dramatically, causing the effects of the balancing price mechanism to disappear, and the rapid growth of inflation in a new way (cost inflation), as well as the high unemployment rate in the 70s, according to Keynesian within the framework of the concept, interpretation ceased to be possible. It regulates money-loan
recommendations of a new monetaristic concept of the introduction of
defined. To date, the main criterion for the activities of the central banks of the world, including the Central bank of the Republic of Uzbekistan, is price stability, the effectiveness of inflation control. The view now generally accepted by many is that price stability, economic growth and employment are necessary conditions to ensure. If high inflation in the country the long-term period will continue to have negative consequences for the economy. At the same time, the appropriate completion of reforms to liberalize the foreign exchange market is in many ways closely related to the improvement of monetary policy, strengthening the activities of commercial banks and the effectiveness of measures for the development of the banking system.
It follows that shortly after the publication of the decree of the president of the Republic of Uzbekistan “on the first-line measures to liberalize the foreign exchange market”, the decree of the president of the Republic of Uzbekistan “on measures to further develop monetary policy”was adopted and a complex of measures for the development of monetary policy in 2017-2021 and
One of the next important steps in this regard was the 2nd adoption of the decree of the president of the Republic of Uzbekistan dated January 9, 2018 “on the radical improvement of the activities of the Central Bank of the Republic of Uzbekistan”.
Monetarism theorists believe in inflationary development in economic agents for the sake of moderation in the event of a maximum risk In order to create a condition, they justified in their concepts the need for consistent stabilization of the provision of the farm with money(credit).
The historical flow of progress and the passage of a natural examination of time showed a number of shortcomings of the concept of guimbron keynsianists, in which it turned out that the ideas of monetarism were the most acceptable and preferable during the turn to the current belonging to the monetarian camp.
Monetarism is the most in the economic practice of most regions of the world and has developed projects to bring countries out of recession. As a result of the application of the principles of monetarism, depressions and structural reconstructions were overcome in a number of developing states. The monetary basis of the economy was strengthened in most states, where monetaristic recommendations based on strict control of the money supply were used, regardless of which monetary aggregate was used as the main tool of Pulkredit policy. This means that it is based on the recommendations made to carry out the policy of mandatory reserves. It provides for the impact on credit emissions through this tool, reforms aimed at improving its efficiency in the economy.
In addition to the inflation rate that is practically formed when setting the refinancing rate, further expected inflation is also taken into account.
Falling inflation rates, reduced refinancing rates, and secured positive interest rates in turn led to interest rates in the interbank money market also taking a downward turn.
In addition, the refinancing rate serves as an indicator of interest rates to a certain extent in the economy as a whole. Current legislation includes,
commercial banks are involved in deposits and interest on loans issued
despite the fact that they can independently set their rates, return
a reduction in the financing rate will lead to a decrease in interest rates.