O‘ZBEKISTONDA INFLYATSIYA MAQSADLASHI REJIMI: SAMARADORLIGI, MUAMMOLARI VA 2026-YILGA YANGILANGAN PROGNOZ TAHLILI

Authors

DOI:

https://doi.org/10.5281/zenodo.22877104

Abstract

Ushbu tadqiqotda O‘zbekistonda 2021-yildan rasman joriy etilgan inflyatsiya maqsadlashi (IT) rejimining samaradorligi 2017–2026-yillar ma’lumotlari asosida ARDL, VAR va Taylor qoidasi asosida empirik jihatdan baholandi. Markaziy bankning rasmiy qarorlari (2024-yil 31-oktyabr va 2026-yil 28-yanvar) hamda IMF FSAP (2025) hisobotlari asosida asosiy natijalar aniqlandi: inflyatsiya 2018-yildagi 17,5 % (tarixiy tepa) dan 2023-yilda 8,8 % va 2024-yil dekabrda 9,8 % gacha tushdi. MB 2026-yil 28-yanvar yangilangan prognoziga ko‘ra, 2026-yil yakunlarida inflyatsiya 6,5 % atrofida shakllanishi kutilmoqda; 5 % maqsadli targetga erishish 2027-yilning birinchi yarmiga mo‘ljallangan.

Keywords

inflation targeting, Taylor rule, policy rate, ARDL, monetary policy transmission, inflation target, Uzbekistan, 2026 forecast

References

Al Rasasi M., Cabezon E. (2022). Modernization of Monetary Policy in Uzbekistan. IMF Working Paper WP/22/196.

Washington D.C.: IMF.

Bernanke B., Mishkin F. (1997). Inflation Targeting: A New Framework for Monetary Policy? Journal of Economic

Perspectives, 11(2), 97–116.

IMF (2025). Republic of Uzbekistan: Financial Sector Assessment Program. IMF Country Report No. 25/145.

Washington D.C.: IMF. https://www.imf.org

O‘zbekiston Respublikasi Markaziy banki (2024). MB boshqaruvi 31.10.2024 yig‘ilishi – Pul-kredit siyosatining 2025–

asosiy yo‘nalishlari konseptual loyihasi. https://cbu.uz/uz/monetary-policy/publications/press-releases/1933608/

O‘zbekiston Respublikasi Markaziy banki (2025). MB boshqaruvi 23.01.2025 yig‘ilishi – asosiy stavka 13,5% saqlab

qolindi. https://cbu.uz/uz/monetary-policy/publications/press-releases/2117319/

O‘zbekiston Respublikasi Markaziy banki (2026). MB boshqaruvi 28.01.2026 yig‘ilishi – asosiy stavka 14%

belgilandi; 2026 yil inflyatsiya prognozi 6,5%. https://cbu.uz/uz/monetary-policy/publications/press-releases/3368588/

O‘zbekiston Respublikasi Markaziy banki (2026). MB boshqaruvi 17.06.2026 yig‘ilishi – asosiy stavka 14% saqlab

qolindi. https://cbu.uz/uz/monetary-policy/publications/press-releases/3997757/

Pesaran M.H., Shin Y., Smith R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal

of Applied Econometrics, 16(3), 289–326.

Roger S. (2010). Inflation targeting turns 20. Finance & Development, 47(1), 46–49.

Taylor J.B. (1993). Discretion versus policy rules in practice. Carnegie-Rochester Conference Series on Public

Policy, 39, 195–214.

O‘zbekiston Respublikasi Markaziy banki (2024). Asosiy stavka 0,5 f.p. pasaytirildi – 13,5% (25.07.2024). https://

cbu.uz/uz/press_center/releases/1801326/

Milliy statistika qo‘mitasi (2025). Makroiqtisodiy ko‘rsatkichlar. Toshkent: StatKom. https://stat.uz

Downloads

Published

2026-09-01
Vol. 4 No. 9 (2026): «Muhandislik va Iqtisodiyot» jurnali 9-son