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International Monetary Fund. Statistics Dept.
This Technical Assistance Report presents a summary and recommendations on multi-topic statistics diagnostic mission in the Republic of Uzbekistan. Since deciding to open up its economy, along with other important reforms in different areas of public governance, Uzbekistan embarked on an ambitious reform of its statistical system. The availability of higher quality economic statistics because of these reforms will support better decision-making and improve the investment climate and access to financing. In order to guide the reform of the statistical system, the authorities developed, jointly with the World Bank, and adopted in August 2020 the National Strategy for the Development of Statistics, 2020–25. Even with substantial improvements in Uzbekistan’s statistical system over the recent years, further significant efforts are necessary. There seems to be ongoing coordination and collaboration between the data-producing agencies in Uzbekistan; however, a more structured and formalized approach to inter-agency coordination would deliver substantial additional benefits. Improved coordination on methodological issues, including the classification of institutional units, will ensure improved coverage and consistent treatment across the different datasets, resulting in better quality and cross-sectoral consistency.
International Monetary Fund. Strategy, Policy, & Review Department
This paper presents traction as a multidimensional concept and discusses a comprehensive and complementary set of approaches to attempt to measure it based on the Fund’s value added to policy dialogue and formulation and public debate in member countries.
International Monetary Fund. Middle East and Central Asia Dept.
Uzbekistan embarked on an ambitious reform path in 2017, starting to liberalize its economy after years of state control. Incomes are still relatively low compared to other emerging economies. Uzbekistan entered the COVID-19 crisis with relatively strong macro-economic fundamentals.
Mr. Tigran Poghosyan
This paper estimates the extent and speed of exchange rate pass-through (ERPT) in seven Caucasus and Central Asia (CCA) countries using monthly data over the January 1995–May 2020 period. The estimations are performed using the local projections method. We find that the average pass-through in the CCA is about 10 percent on impact and about 25 percent after 12 months. There is no evidence of asymmetric ERPT with respect to the size and the sign of exchange rate changes. The pass-through is broadly unchanged in fixed versus floating exchange rate regimes. There has been a downward shift in the speed of ERPT in the aftermath of the global financial crisis as CCA countries have entered a relatively low inflation environment. The pass-through estimates could be used by the CCA monetary authorities for inflation projections. The absence of non-linearities in the pass-through with respect to the exchange rate regime suggests that transition from fixed to floating exchange rate regimes in the region is not likely to impose additional inflationary costs.