THE ROLE OF MACROPRUDENTIAL POLICY IN ENSURING UZBEKISTAN'S ECONOMIC SECURITY

This paper examines the role of macroprudential policy in ensuring Uzbekistan’s economic security, focusing on the resilience of the financial system and the mitigation of systemic risks. Using a multi-stage methodology that combines systemic risk diagnostics, instrument-tool mapping, empirical analysis, and governance assessment, the study evaluates how the Central Bank of Uzbekistan’s macroprudential measures address vulnerabilities in credit growth, liquidity, and interconnectedness among financial institutions. The results indicate that targeted capital and borrower-based instruments have strengthened banking sector stability and reduced the likelihood of economic shocks. However, challenges remain, including limited coverage of non-bank financial institutions, household leverage risks, and coordination with other economic policies. The paper concludes that while macroprudential policy is essential for economic security, its effectiveness depends on continuous institutional development, integrated policy frameworks, and proactive risk monitoring.

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