Mirzaraximov Avazbek Oybek ugli
Tashkent State University of Economics
Faculty of Economics
avazbekmirzaraximov779@gmail.com
ORСID: 0009-0005-8159-6874
Abstract: Dynamic impact of monetary policy on economic growth in Uzbekistan during the transformation reforms was investigated in this paper for the period grom 2015 to 2024. By using a quantitative descriptive method and time-series data which is collected from Central Bank of Uzbekistan, this study analyzes how money supply, interest rate and inflation influence real GDP growth. The results reveal that during the economic shifts such as currency liberalization and global pandemic, expansionary monetary policy has an essential role as it helps stabilize the economy by providing necessary money supply. However, the findings indicate the significant trade-off where continued monetary expansion may contribute to persistent inflationary pressures and increased volatility in real interest rates. Moreover, empirical analysis shows how Uzbekistan had resilient growth which was higher than global averages in the international economic downturns. According to the conclusion of the study if economy continues to move toward market-based system, efficiency of monetary policy will depend on inflation-targeting policies which should be successfully implemented.
Key words: Monetary policy, economic growth, real interest rate, broad money (M2), inflation targeting, monetary transmission