Monetary Policy of the Central Bank of Uzbekistan in 2026: Balancing Inflation and Credit Growth

This article analyzes the key challenges and priorities of the monetary policy of the Central Bank of the Republic of Uzbekistan in 2026. The main focus is placed on finding an optimal balance between containing inflationary pressures and stimulating economic growth through the credit channel. Based on the analysis of macroeconomic indicators, monetary policy instruments, and external factors, the study concludes that a flexible approach is necessary — one that combines inflation targeting with support for priority sectors of the economy. The research employs comparative analysis, statistical data from the Central Bank and the Ministry of Economy of the Republic of Uzbekistan, as well as modeling of potential scenarios.

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