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of devaluation, has a negative impact on the stability of macroeconomic growth rates.
In particular, in the context of high devaluation, the investment activity of enterprises
and banks will decrease.
Conclusions and suggestions
.
The analysis carried out during the writing of the scientific article showed that:
*
The use of the growth rate of money supply as a tactical goal of monetary
policy plays an important role in combating inflation, ensuring the stability of money
supply;
*
a decrease in interest rates will increase the volume of planned investments of
firms and companies, which will increase national income;
*
The ability of the central bank to change interest rates in response to changes
in prices and fluctuations in real production relative to its equilibrium level allows
minimizing cyclical fluctuations in the economy;
*
High inflation in the Republic of Uzbekistan in 2018-2020
led to the
maintenance of the Central Bank's refinancing rate at a high level, led to higher
interest rates on loans of commercial banks in the national currency;
*
The low level of monetary security of the
economy of the Republic of
Uzbekistan in 2018-2020 does not allow to solve the problem of insolvency in the
economy;
*
The high level of the reserve requirement of the Central bank and the high level
of volatility of the nominal exchange rate of the national currency - the soum are
pressing issues for improving monetary policy.
In order to improve monetary policy through the application
of the provisions
of the leading monetary concepts in the practice of Uzbekistan, the following
measures should be taken:
1.
In order to improve the practice of using monetary
policy instruments,
first of all, it is necessary to reduce the required reserve ratio for deposits of
commercial banks in foreign currency to the level of the required reserve ratio for
deposits
in national currency; second, the volume of open market operations of the
Central Bank should be increased through the issuance of its bonds and government
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securities; third, it is necessary to form a special reserve fund to eliminate the risk of
a sharp rise in interest rates on loans resulting from
increased demand for credit
resources; fourth, the Central Bank should control changes in interest rates through
REPO auctions.
2.
In order to increase the level of cash supply of the economy by
stimulating the credit
expansion of commercial banks, first of all, it is necessary to
ensure the stability of nominal interest rates on loans of commercial banks; secondly,
it is necessary to increase the ability of the Central Bank
to influence the interest
rates on loans of commercial banks through open market operations by increasing the
volume of government securities through the implementation of fiscal policy aimed
at stimulating aggregate demand; third, in order to improve
the resource supply of
commercial bank loans, commercial banks should be allowed to use only the stable
balance of transaction deposits.
