Central Bank of Uzbekistan
About CBU
The Central Bank of the Republic of Uzbekistan (CBU) serves as the nation’s primary monetary authority, overseeing the stability and development of the country’s financial system.
Legal Status and Objectives
Established on February 15, 1991, the CBU functions as the state issuing and reserve bank, operating independently of executive bodies and accountable to the Supreme Council of the Republic of Uzbekistan. Its core objectives include maintaining the stability of the national currency, managing monetary policy, and regulating the banking sector to ensure financial stability.
Functions and Responsibilities
The CBU’s primary functions encompass:
- Monetary Policy Implementation: Developing and executing the state’s economic policy in areas such as money circulation, crediting, financing, and exchange relations.
- Banking Regulation and Supervision: Licensing, regulating, and supervising banking institutions to ensure a stable and efficient banking system.
- Currency Issuance: Managing the issuance and circulation of the national currency, the Uzbek som, first introduced on July 1, 1994.
Organizational Structure
The CBU operates a centralized control system, comprising various services and establishments functioning under regulations approved by its Board. The Board, the supreme governing body, consists of 11 members led by the Chairman, who also serves as the Chairman of the Central Bank. This structure enables the CBU to effectively define and regulate key directions of monetary policy and oversee the development of the banking system.
International Cooperation
Actively engaging in the global financial community, the CBU collaborates with international financial organizations such as the International Monetary Fund (IMF), the World Bank, the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB). These partnerships facilitate the implementation of credit systems, maintenance of the balance of payments, financing of private enterprises, and other initiatives aimed at integrating Uzbekistan’s financial system into the global economy.
Through these functions and collaborations, the Central Bank of the Republic of Uzbekistan plays a pivotal role in promoting economic growth, ensuring price stability, and maintaining the overall health of the nation’s financial system.
Key experts
