The Chairman of the Central Bank of Uzbekistan, Timur Ishmetov, stated that the regulator will continue the gradual liberalization of capital account operations while maintaining macroeconomic stability as its primary goal. These statements were made by him during a panel discussion at the Silk Road Finance & Technology Forum in Tashkent.
Ishmetov emphasized that ensuring macroeconomic sustainability remains a central priority for attracting investors. Furthermore, the regulator intends to reduce the inflation rate to achieve the target of 5 percent next year. Simultaneously, the Central Bank plans to maintain a market-oriented flexible exchange rate, following the floating exchange rate regime recently recognized by the International Monetary Fund.
Capital account liberalization will be implemented in stages according to a structured plan developed with the support of the IMF. The regulator's goal is to increase transaction flexibility while strengthening financial institutions, protective measures, and risk management systems to ensure overall stability.
In addition, the Central Bank is implementing a three-year plan to harmonize banking sector regulation with international standards. This plan was developed after the Financial Sector Assessment Program (FSAP) 2025 conducted by the IMF and the World Bank. At the end of this three-year period, the regulator expects to implement Basel III requirements and complete the transition of all banks to International Financial Reporting Standards (IFRS).
Additionally, the Central Bank plans to continue reducing the state share in the banking system, which has decreased from approximately 85 percent to 60 percent in recent years.