Central Bank of Uzbekistan

The Central Bank of Uzbekistan, formally the Central Bank of the Republic of Uzbekistan, is Uzbekistan’s national central bank and monetary authority. It performs the core functions normally associated with a modern central bank: issuing the national currency, managing monetary circulation, developing and implementing monetary and credit policy, regulating the banking system, overseeing exchange relations, and supporting the stability and solvency of the monetary system. Its institutional mandate is tied to Uzbekistan’s transition from a centrally planned economy toward a market-based system, during which the country faced inflationary pressures, industrial contraction, exchange-market constraints, and the need to construct a functioning national financial architecture. The bank operates as a centralized institution under the framework established by Uzbekistan’s Law on the Central Bank. Its highest governing body is the Board, which consists of 11 members and is chaired by the chairman of the Central Bank. The Board determines major directions of monetary policy and banking-system development. The institution is described as independent of executive bodies while remaining accountable to the country’s supreme representative authority. It also operates through 14 regional branches, extending its administrative and supervisory presence across Uzbekistan. As the state issuing and reserve bank, the Central Bank puts money into circulation and forecasts and manages money turnover. Its responsibilities include controlling the structure and volume of the money supply, maintaining monetary stability, and supporting the wider economic policy objectives of price stability, employment, economic growth, and balance-of-payments sustainability. Exchange-policy reform has been an important part of its work, particularly efforts to liberalize the foreign-exchange market and create conditions for convertibility of the Uzbek soum for current international transactions. The bank has also been involved in Uzbekistan’s international financial integration. It cooperates with the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, and central banks and financial authorities in other countries. Such cooperation has supported projects involving balance-of-payments assistance, private-business finance, institutional reform, rehabilitation lending, and transformation of the financial system. An IMF-linked working group was established to support further exchange-market liberalization and the development of a strategy for current-account convertibility. Beyond its regulatory and monetary functions, the institution has undertaken public-facing financial education and cultural initiatives. In 2020 it launched Finlit.uz, an informational and educational resource intended to improve financial literacy. It also maintains a numismatic collection covering approximately 2,500 years of coinage from Central Asia, with particular attention to the Islamic period. The collection has been documented in several published catalogues. The chairmanship has passed through several periods of institutional leadership. Fauzulla Mulladzhanov led the bank from 1991 to 2017, followed by Mamarizo Nurmuratov from 2017 to 2024. Timur Ishmetov became chairman in December 2024. As an institution, the Central Bank remains a central actor in Uzbekistan’s monetary modernization, banking regulation, exchange-market reform, and integration with international financial organizations.

The Central Bank of Uzbekistan developed as the country established an independent monetary and financial system after the dissolution of the Soviet Union. Uzbekistan’s post-independence economic transition required the creation and consolidation of institutions able to manage a national currency, regulate credit, supervise banks, and address inflation and structural disruption. The Central Bank became the country’s issuing and reserve bank and assumed responsibility for monetary circulation, exchange relations, and the development of monetary and credit policy. Its institutional framework is based on the Law on the Central Bank. The bank is organized as a centralized system whose services and establishments operate under rules approved by its Board. The Board is the institution’s highest governing body, consists of 11 members, and determines the principal directions of monetary policy and banking-system development. The chairman leads the Board and the Central Bank. The bank is accountable to Uzbekistan’s supreme representative authority and is institutionally independent from executive bodies. Fourteen regional branches support its work across the country. A central challenge during the transition period was reconciling macroeconomic stabilization with the construction of a market-oriented financial system. The bank’s stated policy objectives included stabilizing money circulation, supporting economic growth and employment, maintaining price stability, and sustaining the balance of payments. It managed money turnover, regulated the structure of the money supply, forecast monetary demand, and issued currency into circulation. Exchange-market reform became a particularly important area of policy, with efforts directed toward liberalizing foreign-exchange operations and establishing conditions for convertibility of the Uzbek soum in current international transactions. The bank’s international role expanded as Uzbekistan engaged with multilateral financial institutions and foreign central banks. It cooperated with the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank. These relationships supported transformation of the financial system, balance-of-payments assistance, private-business financing, institutional lending, and rehabilitation projects. An IMF-associated working group focused on further exchange-market liberalization and the creation of a strategy for current-account convertibility. Leadership has changed across three documented periods. Fauzulla Mulladzhanov served as chairman from 1991 through 2017. Mamarizo Nurmuratov then led the institution from 2017 until 2024. Timur Ishmetov became chairman on December 11, 2024. These transitions occurred against the broader background of Uzbekistan’s continuing monetary, banking, and exchange-market reforms. The Central Bank has also developed functions beyond conventional monetary administration. In 2020 it launched Finlit.uz, a public financial-literacy resource intended to help individuals understand financial products and personal money management. The institution also maintains a substantial numismatic collection containing coins from Central Asia spanning roughly 2,500 years. Several catalogues published between 1997 and 2001 documented portions of the collection, including material from the Islamic period and other stages of the region’s monetary history. Today, the Central Bank remains the central public institution responsible for Uzbekistan’s currency, monetary policy, banking regulation, exchange policy, and monetary stability. Its work combines domestic financial governance with cooperation with international financial organizations and educational initiatives intended to strengthen public participation in the formal financial system.

• 2024

  Timur Ishmetov becomes chairman

  [1]Central Bank of Uzbekistanen.wikipedia.org

  Timur Ishmetov assumes the chairmanship on December 11, 2024.

• 2020

  Finlit.uz launches

  [1]Central Bank of Uzbekistanen.wikipedia.org

  The Central Bank launches Finlit.uz, an information and educational resource focused on financial literacy.

• 2017

  Mamarizo Nurmuratov becomes chairman

  [1]Central Bank of Uzbekistanen.wikipedia.org

  Mamarizo Nurmuratov succeeds Fauzulla Mulladzhanov as chairman of the Central Bank.

• 2001

  Anniversary numismatic edition published

  [1]Central Bank of Uzbekistanen.wikipedia.org

  An anniversary edition records coins held in the bank’s collection and contributes to the documentation of Central Asian monetary history.

• 2000

  Additional numismatic catalogues published

  [1]Central Bank of Uzbekistanen.wikipedia.org

  Further volumes documenting coins from the Central Bank’s collection are published.

• 1997

  First documented numismatic catalogue

  [1]Central Bank of Uzbekistanen.wikipedia.org

  The bank’s numismatic collection begins to be documented in published catalogues of antique and medieval Central Asian coins.

• 1991

  Fauzulla Mulladzhanov begins chairmanship

  [1]Central Bank of Uzbekistanen.wikipedia.org

  Fauzulla Mulladzhanov begins the first documented chairmanship period listed for the Central Bank, serving until 2017.

Uzbekistan’s state monetary authority and national central bank

• Currency and monetary operations

  Uzbek soum issuance and circulation management

  As Uzbekistan’s issuing bank, the Central Bank puts national currency into circulation and manages the country’s monetary turnover. It forecasts money circulation, regulates the structure of the money supply, and works to preserve the stability and solvency of money within Uzbekistan.

• Central banking

  Monetary and credit policy

  The bank develops and implements state policy in monetary circulation, credit, financing, accounting, exchange relations, and management of the national monetary system. These activities support macroeconomic stabilization, price stability, economic growth, employment, and balance-of-payments sustainability.

• Financial regulation

  Banking-system regulation

  The Central Bank regulates and supports the development of Uzbekistan’s banking system. Its Board sets broad directions for banking-sector development, while the institution’s central and regional structures carry out associated administrative and supervisory responsibilities.

• Financial education · 2020

  Finlit.uz

  Finlit.uz is an information and education resource launched by the Central Bank in 2020. It is intended to improve public financial literacy and provide accessible educational material about financial matters.

• Cultural and research collection

  Numismatic collection

  The Central Bank maintains a collection of coins from Central Asia covering approximately 2,500 years of monetary history, with a particular focus on the Islamic period. Parts of the collection have been published in catalogues issued between 1997 and 2001.

• 2020Finlit.uz financial-literacy initiative

  Uzbekistan

  The Central Bank launched Finlit.uz as a public information and education initiative to promote financial literacy.

  Outcome. The resource became part of the bank’s public-facing educational activity. The available reference material does not provide quantified participation or impact results.

  Source

• 2020

  Launch of Finlit.uzOther

  Background

  The bank identified public financial education as an area requiring a dedicated information resource.

  Action taken

  It launched Finlit.uz to provide financial-literacy information and educational material.

  Aftermath

  Finlit.uz expanded the Central Bank’s public communication and educational role. No quantified outcome is given in the available material.

  Source

• Support for foreign-exchange-market liberalizationStrategy

  Background

  Uzbekistan’s transition toward a market economy created a need to reform exchange arrangements and improve the conditions for current international transactions.

  Action taken

  The Central Bank cooperated with international financial organizations and an IMF-linked working group on exchange-market liberalization and a strategy for current-account convertibility of the Uzbek soum.

  Aftermath

  The work formed part of broader monetary and financial-system transformation. The available reference material does not provide a quantified assessment of the results.

  Source

1. 1Central Bank of Uzbekistanen.wikipedia.org