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Uzbekistan has significantly improved its monetary policy framework during 2017-21. Nevertheless, the transition to inflation targeting is challenging as the country is going through a period of deep structural reforms. Therefore, the Central Bank of Uzbekistan (CBU) will have to monitor structural reforms and calibrate monetary policy accordingly. This paper identifies institutional and structural gaps, and assesses the effectiveness of monetary policy transmission. Institutional gaps are assessed using institutional indexes while transmission is assessed using VARs. It concludes that in the coming years, reforms will need to continue, to further improve the CBU’s governance and independence, develop financial markets, but most of all to reduce the still large footprint of the state in the financial sector as well as in the overall economy.

Uzbekistan, Republic of

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At the request of the authorities, a remote multi-topic statistics diagnostic mission for Uzbekistan took place during March 1–19, 2021.1 In close cooperation with officials of the State Committee of the Republic of Uzbekistan on Statistics (SSC), the Central Bank of Uzbekistan (CBU), and the Ministry of Finance (MOF), the mission (i) assessed the collection, compilation, and dissemination practices for the datasets covered by the mission; (ii) identified key high-level priorities and developed a medium-term action plan for statistical improvement and the associated capacity development (CD) needs; and (iii) developed a roadmap for subscription to the Special Data Dissemination Standard (SDDS). The mission covered the following topics: national accounts (NA) and prices, 2 government finance statistics (GFS) including public debt, external sector statistics (ESS), monetary and financial statistics (MFS), and SDDS subscription.

Uzbekistan, Republic of

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Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies and the role of the state is still large. Uzbekistan weathered the pandemic relatively well. Strong fundamentals, ample policy buffers, and high gold prices allowed the authorities to take strong actions to mitigate the impact of the pandemic and growth accelerated to 7.4 percent in 2021.

Uzbekistan, Republic of

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Since independence in 1991, Uzbekistan has pursued a gradual approach to the transition from planned to market economy. This approach relied heavily on trade controls, directed credit, and large public investments. A number of financial sector measures were also instituted that distorted resource allocation and increased transaction costs. As a result, while possibly preventing the contraction of output in the early 1990s, these policies led to disappointing economic outcomes and social conditions. The paper reviews the underlying distortions and presents survey-based evidence to support their existence and their detrimental impact on economic activity. Looking forward, the paper-using a representative agent framework to model existing financial sector distortions-offers some guidance regarding the likely implications of eliminating the observed distortions on key aggregate variables. It suggests that the elimination of these distortions will enhance welfare and lead to increased investment and capital stock.

Banks and Banking --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary economics --- Banking --- Currency --- Foreign exchange --- Currencies --- Consumption --- Commercial banks --- Money --- Banks and banking --- Economics --- Uzbekistan, Republic of

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This paper uses the growth-accounting approach to determine the sources of growth in transition economies. The central conclusion is that the estimated total factor productivity (TFP) growth for the former Soviet Union republics were significantly higher than other fast growing economies. A key question for prospective growth is whether the TFP gains achieved thus far have already eliminated most of the inefficiencies of central planning-and will therefore soon fade away. Underutilized labor combined with the recent trend of faster capital accumulation may play a more important role in the medium-term growth.

Macroeconomics --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Macroeconomics: Production --- Labor Economics: General --- Labour --- income economics --- Total factor productivity --- Labor --- Production growth --- Productivity --- Capacity utilization --- Industrial productivity --- Labor economics --- Economic theory --- Industrial capacity --- Uzbekistan, Republic of