CONTROLLING INFLATION IN UZBEKISTAN: THE ROLE OF MONETARY AND FISCAL POLICY
DOI:
https://doi.org/10.5281/zenodo.17446651Keywords:
Inflation, Uzbekistan, monetary policy, fiscal policy, inflation targeting, price stability, Central Bank of Uzbekistan, macroeconomic policy, economic reform, exchange rate policy, public finance, aggregate demand.Abstract
This article examines the role of monetary and fiscal policy in controlling inflation in the Republic of Uzbekistan
during its transition to a market-based economy. Following a series of economic reforms, Uzbekistan has faced persistent
inflationary pressures driven by currency liberalization, energy price adjustments, global shocks, and structural supply
constraints. The Central Bank of Uzbekistan has adopted inflation targeting and interest rate policies to stabilize prices,
while the government has used fiscal tools such as subsidies, taxation, and public spending to influence aggregate
demand. By analyzing recent policy developments and inflation trends, the study assesses the effectiveness of current
macroeconomic strategies in mitigating inflation. The article concludes with recommendations for enhancing coordination
between fiscal and monetary authorities and strengthening institutional frameworks to ensure long-term price stability.
The findings contribute to a broader understanding of inflation control in emerging and reforming economies.
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