Central Bank of Uzbekistan

The Central Bank of Uzbekistan, officially the Central Bank of the Republic of Uzbekistan (Uzbek: O'zbekiston Respublikasi Markaziy banki / Ўзбекистон Республикаси Марказий Банки), is the country's national bank.

Structure of the Central Bank

The Central Bank of the Republic of Uzbekistan represents a centralized control system. For the performance of assigned tasks it creates the appropriate services and establishments, which work on the basis of rules confirmed by the Board of the Central Bank.

The structure and bodies of management of the Central Bank are determined by the Law “On the Central Bank”. The supreme body of the Central Bank is the Board of the Central Bank. The Board consists of 11 members and is headed by the Chairman who is, at the same time, Chairman of the Central Bank. The Board of the Central Bank is allocated large powers by definition and regulation of the basic directions of monetary policy and development of the banking system.

Cooperation with international financial organizations

There is integration of the Republic of Uzbekistan and its Central Bank in the world community. The Central Bank maintains Mutual cooperation with:

The international cooperation has allowed the bank to begin realization of the received credits on transformation system, maintenance of balance of payments, financing of private business, institutional and rehabilitation loans, and others.

There is a special working group, including an IMF representative, which is in charge of implementing further liberalization of the exchange market. The basic task of the working group is the creation of conditions, and development of a strategy, for maintenance of the convertibility of the Uzbek som on the current international operations.

The positive results of work with the international financial organizations opens new prospects for the realization of joint projects together with various economic institutes and large banks of the world.

Relations with other national banks

The Central bank of Uzbekistan has been active in developing good relations with other national banks. Besides operational communications, the Central Bank receives support in training the experts and consulting services from the correspondents. There are most fruitful relations with:

Deutsche Bank
Deutsche Bundesbank (Germany)
UBS Banks and Credit Suisse (Switzerland)
Bank of England
Bank of France
Bank of India

and other worldwide banks.

Exchange policy of the Central Bank

The main purpose of transition, in the transition period from planned economy to market mechanism, is stabilization and structural transformation. An ultimate goal is the improvement of economic growth, full employment, price stability and sustainability of the balance of payments.

After getting independence, Uzbekistan has faced a few difficulties about the realization of macroeconomic reforms to overcome inflationary processes and a decline in manufacturing to create adequate conditions for the financial system.

Functions of the Central Bank

"The Central Bank of the Republic of Uzbekistan is the state issuing and reserve bank. The Central Bank is authorized by the Constitution of the Republic of Uzbekistan. The Central Bank cooperates with national and Central Banks of other states on the basis of intergovernmental and interbank agreements. The Central Bank of the Republic of Uzbekistan has 14 regional branches, functioning in regions of the country."

The Central Bank is the depository of the international financial organizations. The Central Bank is accountable to the Supreme Council of the Republic of Uzbekistan and independent of the executive bodies.

The basic functions of the Central bank are development and realization of economic policy of the state in the field of money circulation, crediting, financing, accounting, exchange relations, monetary system management of the Republic of Uzbekistan.

The task of maintenance of money circulation stability and solvency of money in the territory of the republic is performed by the Central Bank by management of money turnover, regulation structure of money supply. The Central Bank issues money to circulation and conducts forecasting of money turnover.

Numismatic Collection

As part of its role in managing the monetary supply of Uzbekistan the National Bank has established a collection of coins from the region over the past two and half thousand years. The bank takes pride in its collection claiming it has "created the most valuable collection of ancient coins able to compete, if not in quantity than in quality, with the most famous numismatic collections of the world" (National Bank, 2010: 10). The collection has been published in four volumes (1997, 2000, 2000, 2001), a total of 400 coins and covers the whole history of Central Asia but with a focus on the Islamic period.

References

Official site: The Central Bank of the Republic of Uzbekistan (Uzbek) (Russian)
National Bank of Uzbekistan (1997/2000/2000), Catalogue of Antique and Medieval Coins of Central Asia, 3 Vols. Tashkent
National Bank of Uzbekistan (2001), Coins from the Collection of the National Bank of Uzbekistan Anniversary Edition, Tashkent

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria Central Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Bank Al-Maghrib Reserve Bank of Malawi Bank of Mauritius Bank of Mozambique Bank of Namibia Central Bank of Nigeria Bank of Somaliland South African Reserve Bank Bank of South Sudan Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank Deutsche Bundesbank Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia Banka Slovenije (Slovenia) National Bank of Serbia Bank of Spain Národná banka Slovenska (Slovakia) Sveriges Riksbank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 41°18′31″N 69°16′28″E / 41.30861°N 69.27444°E / 41.30861; 69.27444