THE EVOLUTIONARY PATH OF UZBEKISTAN’S MONETARY SYSTEM: FROM CURRENCY ORIGINATION TO MODERN VALUE VOLATILITY
DOI:
https://doi.org/10.5281/zenodo.18204655Keywords:
Uzbek Soum exchange rate volatility; monetary policy transition; currency liberalization impacts; post-Soviet economic reform; foreign exchange market development; money supply determinants; remittance inflows effect; trade balance pressures; structural economic transformation; Central Bank of Uzbekistan policy; market deregulation consequences; currency depreciation drivers; transitional economy challenges; inflation dynamics; managed float regime.Abstract
This paper examines the evolutionary path of Uzbekistan's monetary system, analyzing the transition from administrative control to market-based exchange rates. It investigates how the 2017 liberalization exposed structural economic vulnerabilities, transforming administrative distortions into explicit exchange rate volatility and highlighting persistent challenges in monetary policy.
References
Berdinazarov, Z. et al. (2019). "Determinants of Exchange Rate Fluctuations of Uzbek Sum." *Business and Management Studies*.
Kadirov, E. & Babaeva, G. (2021). "Factors Influencing Changes in the Rate of the National Currency and the Ways of Its Stabilization." *Journal of Economics, Finance and Management Studies*.
Rasulov, T.S. & Rasulova, D.V. (2020). "Directions of Ensuring National Currency Stability and the Main Aspects of the Development of Foreign Exchange Rate in Uzbekistan." *ISJ Theoretical & Applied Science*.
The Presidential Decree of the Republic of Uzbekistan No. UP-5177 (2017). "On Priority Measures to Liberalize Foreign Exchange Policy."
Central Bank of the Republic of Uzbekistan (CBU). (Various Years). Statistical Bulletins and Monetary Policy Reports.
