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A new version of the Law “On the Central Bank of the
Republic of Uzbekistan” (hereinafter – the
“Law”) has been adopted, thereby continuing the reform of
the country’s banking industry. The law widens the supervisory
functions and defines new tasks and authorities of the Central Bank
of the Republic of Uzbekistan (hereinafter – the
“CB”). The reforms are mainly directed at ensuring the
stable functioning of the banking system, as well as the protection
of the rights and interests of consumers, which in turn creates
rather stringent obligations on banks. Generally, the Law
consolidates the rights and obligations of the CB, which were
expanded by the recently adopted laws “On Banks and Banking
Activity” and “On Payments and Payment Systems”.
Continuing the reforms of the functions of the CB, the Decree of
the President of the Republic of Uzbekistan No. UP-5877 dated
November 18, 2019, on “Development of Monetary Credit Policy
by Gradual Transition to the Inflation Targeting Regime”
(hereinafter – the “Decree”) approved the gradual
transition to inflation targeting to decrease and maintain the
level of inflation at 5% by 2023.
The Decree instructed the CB to ensure the gradual transition of
monetary credit policy to an inflation-targeting regime starting
from January 1, 2020, with the purpose…