{"id":6079,"date":"2026-10-12T09:52:14","date_gmt":"2026-10-12T09:52:14","guid":{"rendered":"https:\/\/interfinance.tsue.uz\/?p=6079"},"modified":"2026-10-12T09:52:14","modified_gmt":"2026-10-12T09:52:14","slug":"improving-the-efficiency-of-monetary-policy-transmission-mechanisms-under-inflation-targeting","status":"publish","type":"post","link":"https:\/\/interfinance.tsue.uz\/?p=6079","title":{"rendered":"IMPROVING THE EFFICIENCY OF MONETARY POLICY TRANSMISSION MECHANISMS UNDER INFLATION TARGETING"},"content":{"rendered":"<p><strong><em>Davronbek Abdiraxmonov<\/em><\/strong><\/p>\n<p><em>\u00a0leader of LLT \u201cNasaf master group\u201d<\/em><\/p>\n<p><em>Email: <\/em><a href=\"mailto:davronabdirahmonov@gmail.com\"><em>davronabdirahmonov@gmail.com<\/em><\/a><\/p>\n<p><em>Orcid: <\/em><a href=\"https:\/\/orcid.org\/0009-0007-5475-9919\"><em>0009-0007-5475-9919<\/em><\/a><\/p>\n<p><strong><em>Abstract:<\/em><\/strong><em> The article analyzes the theoretical foundations of the monetary policy transmission mechanism under inflation targeting and the specific features of its functioning in Uzbekistan. The interest rate, credit, exchange-rate and expectations channels are assessed using official data of the Central Bank and the National Statistics Committee. The policy rate of 14 percent in 2025, the decline in annual inflation to 7.3 percent, core inflation dynamics and the strengthening of the real interest rate are examined as practical outcomes of transmission. Proposals are developed to deepen the money-market interest-rate corridor, increase the sensitivity of bank lending rates to the policy rate, improve inflation-expectations management, strengthen communication policy and enhance fiscal-monetary coordination.<\/em><\/p>\n<p><strong><em>Keywords:<\/em><\/strong><em> inflation targeting, monetary policy, transmission mechanism, policy rate, inflation, interest-rate channel, credit channel, exchange rate, inflation expectations, price stability.<\/em><\/p>\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Davronbek Abdiraxmonov \u00a0leader of LLT \u201cNasaf master group\u201d Email: davronabdirahmonov@gmail.com Orcid: 0009-0007-5475-9919 Abstract: The article analyzes the theoretical foundations of the monetary policy transmission mechanism under inflation targeting and the specific features of its functioning in Uzbekistan. The interest rate, <a href=\"https:\/\/interfinance.tsue.uz\/?p=6079\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[],"class_list":["post-6079","post","type-post","status-publish","format-standard","hentry","category-2026-5-issue-1-6"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IMPROVING THE EFFICIENCY OF MONETARY POLICY TRANSMISSION MECHANISMS UNDER INFLATION TARGETING - Journal of International Finance and Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/interfinance.tsue.uz\/?p=6079\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMPROVING THE EFFICIENCY OF MONETARY POLICY TRANSMISSION MECHANISMS UNDER INFLATION TARGETING - Journal of International Finance and Accounting\" \/>\n<meta property=\"og:description\" content=\"Davronbek Abdiraxmonov \u00a0leader of LLT \u201cNasaf master group\u201d Email: davronabdirahmonov@gmail.com Orcid: 0009-0007-5475-9919 Abstract: The article analyzes the theoretical foundations of the monetary policy transmission mechanism under inflation targeting and the specific features of its functioning in Uzbekistan. 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