Scientific practical aspects of inflation targeting regimeThe scientific practical seminar held by the Banking and Finance Academy of the Republic of Uzbekistan jointly with the Executive Committee of the Political Council of the Movement of Entrepreneurs and Businessmen – the Liberal Democratic Party of Uzbekistan, was devoted to scientific practical significance of transition in Uzbekistan to the inflation targeting regime.
As a result of liberalization of monetary policy in the country, the national currency, sum, since October 1, 2017, has been devalued. As a result, inflation sharply increased, and last year it amounted 14.4 percent. In such circumstances, it is necessary to contain inflation and this can be achieved by effective implementation of inflation targeting. This event gave an opportunity to listen to the opinions of leading economists, scientists, specialists of scientific and analytical centers on the inflation targeting regime, to develop proposals and ensure their cooperation in this matter.
– Stability and low inflation are very important for ensuring stable economic growth of any state, – says D.Muradov, senior lecturer of the Academy. – Leading foreign countries have extensive experience in using various methods of inflation control. However, in order to reduce inflation and improve effectiveness of monetary policy, they switched to the inflation targeting regime. This regime was first introduced in New Zealand in 1989, currently more than 30 states are using this regime in their monetary policy. It is useful for successfully reducing inflation and inflation expectations, improving macroeconomic indicators in a short time. From this point of view, at today’s event, which took place in the form of a scientific discussion, suggestions made by the participants on the use of foreign experience in transition to inflation targeting were comprehensively analyzed.
Following the event, specific proposals were developed that will be submitted to the Central Bank of the Republic of Uzbekistan, relevant ministries and factions of UzLiDeP in the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan.
Nasiba Ziyodullayeva, UzA