Central Bank of the Republic of Uzbekistan edit
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The Central Bank of Uzbekistan, officially the Central Bank of the Republic of Uzbekistan (Uzbek: O'zbekiston Respublikasi Markaziy banki / Ўзбекистон Республикаси Марказий Банки), is the country's national bank.
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Central Bank of Republic of Uzbekistan represents centralized control system. For performance of assigned tasks it creates the appropriate services and establishments, which work on the basis of rules confirmed by the Board of Central Bank.
Structure and the bodies of management of the Central Bank are determined by the Law “On the Central Bank”. The supreme body of Central Bank is the Board of Central Bank. The Board consists of 11 members and is headed by the Chairman, who is at the same time Chairman of Central Bank. The Board of Central Bank is allocated the large powers by definition and regulation of the basic directions of monetary policy and development of banking system.
There is integration of the Republic of Uzbekistan and its Central Bank in the world community. The Central Bank maintains Mutual cooperation with:
The international cooperation has allowed to begin realization of the received credits on transformation system, maintenance of balance of payment, financing of private business, institutional and rehabilitation loans, and others.
There is a special working group, including an IMF representative, which is in charge of implementing further liberalization of the exchange market. The basic task of the working group is the creation of conditions and development of a strategy for maintenance of convertibility of the Uzbek som on the current international operations.
The positive results of work with the international financial organizations opens new prospects to the realization of joint projects together with various economic institutes and large banks of the world.
Having received the further development the correspondent relations of Central bank of Uzbekistan, active and the international operations are increased. Besides operational communications the Central Bank receives support in training the experts and consulting services from the correspondents. There are most fruitful relations with:
and other world-wide banks.
The main purpose of transition, in transition period, from planned economy to market mechanism is the stabilization and structural transformation. An ultimate goal is the improvement of economic growth, complete employment, stable prices and sustainability of balance of payment.
After getting independence, Uzbekistan has faced a few difficulties about the realization of macroeconomic reforms to overcome the inflationary processes and declining ii manufacture, creation adequate conditions for financial system.
"The Central Bank of the Republic of Uzbekistan is state issuing and reserve bank... CB is authorized by the Constitution of the Republic of Uzbekistan. Central Bank cooperates with national and Central Banks of other states on the basis of intergovernmental and interbank agreements. Central Bank of the Republic of Uzbekistan has 14 regional branches, functioning in regions of the country."
Central Bank is depository of the international financial organizations. Central Bank is accountable to Supreme Council of Republic of Uzbekistan and independent of the executive bodies.
The basic functions of Central bank are development and realization of economic policy of the state in the field of money circulation, crediting, financing, accounting, exchange relations, monetary system management of the Republic of Uzbekistan.
The task of maintenance of money circulation stability and solvency of money in the territory of the republic is performed by Central Bank by management of money turnover, regulation structure of money supply. Central Bank issues money to the circulation and conducts forecasting of money turnover.
See information on Uzbek banking system.
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