Shomurodov Ravshan Tursunkulovich

Doctor of Philosophy (РhD) in Economics

Associate Professor of the Department “Banking”

Tashkent Institute of Finance

E-mail: r.shomurodо



This article analyzed the theoretical and practical issues of monetary policy instruments developed over the years under the influence of innovative ideas based on the best practices of developed countries and examines the scientific and theoretical views of foreign economists in this regard. It is also based on the fact that monetary policy has played an important role in solving various financial and economic crises, epidemics, pandemics, macroeconomic and financial problems observed at different periods in the history of world economies. Also, the influence of monetary policy instruments on the supply and demand of money in the economy is analyzed. In particular, the change in the refinancing rate on the growth rate of monetary aggregates in Uzbekistan. The practice of using monetary policy instruments in Uzbekistan is analyzed, existing problems are identified and their scientific solutions are presented. In turn, science-based scientific, theoretical and practical proposals and recommendations have been developed to increase the role of Uzbekistan in strengthening sustainable economic growth, financial and macroeconomic stability by improving monetary policy.

Keywords: monetary policy, monetary aggregates, the demand for money, the supply of money, monetary instruments, economic growth, macroeconomic sustainability, Central bank, inflation, national currency, devaluation, credit, reserve requirement policy, open market operations, interest rate policy.


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