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Middle East and Central Asia > Uzbekistan, Republic of

You are looking at 1 - 10 of 19 items for :

  • Type: Journal Issue x
  • Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems x
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Cover IMF Working Papers
Uzbekistan’s Transition to Inflation Targeting
Moayad Al Rasasi
and
Ezequiel Cabezon
Uzbekistan has significantly improved its monetary policy framework during 2017-21. Nevertheless, the transition to inflation targeting is challenging as the country is going through a period of deep structural reforms. Therefore, the Central Bank of Uzbekistan (CBU) will have to monitor structural reforms and calibrate monetary policy accordingly. This paper identifies institutional and structural gaps, and assesses the effectiveness of monetary policy transmission. Institutional gaps are assessed using institutional indexes while transmission is assessed using VARs. It concludes that in the coming years, reforms will need to continue, to further improve the CBU’s governance and independence, develop financial markets, but most of all to reduce the still large footprint of the state in the financial sector as well as in the overall economy.
Keywords:
Uzbekistan; Inflation targeting; Monetary policy; post inflation targeting implementation; monetary policy outcome; monetary policy transmission; inflation targeting condition; transition to inflation targeting; transmission mechanism; Central bank policy rate; Inflation; Dollarization; Currency markets; Global; Central Asia and the Caucasus
Cover IMF Staff Country Reports
Republic of Uzbekistan: Technical Assistance Report-External Sector Statistics Mission (October 15-26-, 2018)
International Monetary Fund. Statistics Dept.
At the request of the Republic of Uzbekistan authorities for technical assistance (TA) on external sector statistics (ESS), and with the support of the Middle East and Central Asia Department (MCD) of the International Monetary Fund (IMF), a mission from the IMF Statistics Department (STA) visited Tashkent during October 15–26, 2018. This was the first TA mission under the auspices of the Data for Decision Fund and the second since the Republic of Uzbekistan Presidential Order of September 12, 2017, “On Measures to Ensure the Accessibility and Openness of Economic and Financial Data for the Republic of Uzbekistan” was issued.
Keywords:
ISCR; CR; trial BOP; BOP transaction; CBU balance; CBU BOP; remove CBU deposit
Cover IMF Staff Country Reports
Republic of Uzbekistan: Technical Assistance Report-External Sector Statistics Mission (October 15-26-, 2018)
International Monetary Fund. Statistics Dept.
The contents of this report constitute technical advice provided by the staff of the IMF to the authorities of the Republic of Uzbekistan in response to their request for technical assistance. The main objective of the mission was to assist the Central Bank of the Republic of Uzbekistan (CBU) in improving the collection of statistical data on the balance of payments (BOP), including the adoption of an international transactions reporting system, and to assess progress in implementing the medium-term program for further development of External sector statistics. Along with the successes, the mission noted several shortages in the BOP compilation system. The transfer of the BOP compilation function from the Ministry of the Economy to the CBU, and the transition to Balance of Payments and International Investment Position Manual, sixth edition standards, have led to a data gap between the BOP compiled by two institutions. It is recommended to update the methodology for calculating the currency and deposits of households component per the mission’s recommendations, considering all possible inflows and outflows of foreign currency in cash by individuals.
Keywords:
ISCR; CR; trial BOP; BOP transaction; CBU balance; CBU BOP; remove CBU deposit; transaction code; net profit; foreign currency; central bank; CBU estimate; CBU methodology; CBU reporting; CBU liability; reinvested earnings; CBU trial BOP; CBU requests data; Wages; Currencies; Income; External sector statistics; Middle East and Central Asia; Western Europe
Cover IMF Working Papers
Determinants of Bank Interest Margins in the Caucasus and Central Asia
Raja Almarzoqi
and
Samy Ben Naceur
In this paper, we use a bank-level panel dataset to investigate the determinants of bank interest margins in the Caucasus and Central Asia (CCA) over the period 1998–2013. We apply the dealership model of Ho and Saunders (1981) and its extensions to assess the extent to which high spreads of banks in the CCA can be related to bank-specific variables, to competition, and to macroeconomic factors. We find that interest spreads are affected by operating cost, credit risk, liquidity risk, bank size, bank diversification, banking sector competition, and macroeconomic policies; but the impact depends on the country.
Keywords:
WP; interest margin; interest; bank
Cover Annual Report on Exchange Arrangements and Exchange Restrictions 2007
Annual Report on Exchange Arrangements and Exchange Restrictions 2007
International Monetary Fund. Monetary and Capital Markets Department

Abstract

Only the IMF is officialy responsible for reporting the foreign exchange arrangements, exchange and trade restrictions, and prudential measures of its 185 member countries. This report draws upon information available to the IMF from a number of sources, including data provided in the course of official staff visits to member countries. Published since 1950, this authoritative, annually updated reference is based upon a unique IMF-maintained database that tracks monetary exchange arrangements for each of its 185 members, including historical information, along with entries for Hong Kong SAR (People's Republic of China) and Aruba and Netherlands Antilles (both Kingdom of the Netherlands). An introduction to the volume provides a summary of recent global trends and developments in the areas covered by the publication. It also provides insight into the types of capital controls most frequently used by countries dealing with increased capital inflows. Individual chapters for each member country report exchange measures in place, the structure and setting of exchange rates, arrangements for payments and receipts, procedures for resident and nonresident accounts, mechanisms for import and export payments and receipts, controls on capital transactions, and provisions specific to the financial sector. A separate section in each chapter lists changes made during 2006 and the first half of 2007. Information is presented in a clear, easy-to-read tabular format.

Keywords:
AREAER; foreign exchange account; exchange arrangement; EU regulation; investment portfolio; investment regulation
Cover IMF Staff Country Reports
Kyrgyz Republic: Staff Report for the 2006 Article IV Consultation, Third Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Structural Performance Criterion
International Monetary Fund
The Kyrgyz authorities have maintained macroeconomic discipline in recent years, despite a challenging political environment. This 2006 Article IV Consultation highlights that the economic activity is rebounding in 2006, with year-over-year real GDP growth of 3.2 percent through September, after a slight contraction in 2005. Inflation is projected to rise slightly to just below 6 percent during 2006. Remonetization has gathered pace in recent years, but the financial system remains relatively shallow by international standards. Comprehensive financial reforms are under way and are slated to gain momentum under the IMF-supported program.
Keywords:
ISCR; CR; Kyrgyz authorities; government; Kyrgyzstan; government authorization; Bank FSAP update mission; staff visit; fund staff; PRGF arrangement; Currencies; Capital spending; Central Asia
Cover IMF Working Papers
How Tight Is Too Tight? A Look at Welfare Implications of Distortionary Policies in Uzbekistan
Mr. David A. Grigorian
and
Mr. Edward R Gemayel
Since independence in 1991, Uzbekistan has pursued a gradual approach to the transition from planned to market economy. This approach relied heavily on trade controls, directed credit, and large public investments. A number of financial sector measures were also instituted that distorted resource allocation and increased transaction costs. As a result, while possibly preventing the contraction of output in the early 1990s, these policies led to disappointing economic outcomes and social conditions. The paper reviews the underlying distortions and presents survey-based evidence to support their existence and their detrimental impact on economic activity. Looking forward, the paper-using a representative agent framework to model existing financial sector distortions-offers some guidance regarding the likely implications of eliminating the observed distortions on key aggregate variables. It suggests that the elimination of these distortions will enhance welfare and lead to increased investment and capital stock.
Keywords:
WP; cash; convertibility; convertibility restriction
Cover IMF Working Papers
Are Pegged and Intermediate Regimes More Crisis Prone?
Mr. Andrea Bubula
and
Ms. Inci Ötker
This paper provides evidence on the susceptibility of different types of exchange rate regimes to currency crises during 1990-2001. It explores the incidence of crises, identified as episodes of severe exchange market pressure, to seek evidence on whether pegged regimes are more crisis prone than floating regimes and on whether certain types of pegged regimes are more crisis prone than others. The paper finds that pegged regimes, as a whole, have been characterized by a higher incidence of crises than floating regimes, for countries that are more integrated with international capital markets; and that intermediate regimes (mainly soft pegs and tightly-managed floating regimes) have been more crisis prone than both hard pegs and other floating regimes-a view consistent with the bipolar view of exchange rate regimes. The degree of crisis proneness seems to be broadly similar across different types of intermediate regimes.
Keywords:
WP; government; intermediate regime; exchange rate regime; exchange rate; bipolar view; pegged regimes; hard pegs; soft pegs; floats; intermediate regimes; currency crises; exchange market pressure; exchange regime classification; regime data; regime spectrum; regime continuum; floating regime; Exchange rate arrangements; Conventional peg; Crawling peg; Exchange rates; Currencies
Cover Economic Reforms in Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan
Economic Reforms in Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan
International Monetary Fund

Abstract

This occasional paper provides an overview of the economic reform experiences of the Central Asian states of the former Soviet Union since their independence at the turn of the decade. The choice of countries reflects not only a geographical grouping, but also similarities in the types of transition challenges faced by these countries notwithstanding considerable variations in their sizes, ethnic composition, resource endowments, and economic structures. The paper attempts to identify a number of key macroeconomic and structural areas where the slower reformers in the group might benefit from the experience of the faster reformes.

Keywords:
OP; country; state enterprise; state; government; Kyrgyzstan; IMF staff country report; state intervention; Kumtor gold mine; countries in the group; Exchange rates; Currencies; Budget planning and preparation; Exports; Central Asia
Cover IMF Staff Country Reports
Uzbekistan: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in the Republic of Uzbekistan during 1992–97. It compares growth in Uzbekistan with that of other transition economies and seeks to shed light on why Uzbekistan has suffered a smaller transformational recession than other transition economies. The paper covers the existing arrangements for production and trade in agriculture, and estimates the costs for agriculture arising from state procurement and the multiple exchange rate system. The paper also traces the effects of multiple exchange rates and other quasi-fiscal operations on the economy as a whole.
Keywords:
ISCR; CR; exchange rate; yield; government; market; price; foreign currency; consumer goods; central bank; curb exchange market; exchange market operation; Uzbek growth experience; Agricultural commodities; Commercial banks; Exchange rates; Imports; Baltics; Europe; Western Hemisphere; Asia and Pacific; Eastern Europe; Africa