The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This Background Paper and Statistical Appendix highlights that starting in 1994, financial policies in Uzbekistan were tightened so as to reduce inflation and stabilize the exchange rate in anticipation of the introduction of the new national currency, the sum. The Central Bank of Uzbekistan raised the interest rate on its rediscount credits several times and credit to loss-making state enterprises was curtailed. The average monthly rate of price increase fell from more than 22 percent in the first half of the year to less than 2 percent in the third quarter, partly in reflection of seasonal factors.