The Central Bank of Uzbekistan (CBU) is ready to take full responsibility for the implementation of the tasks set to reduce inflation in the next four years, the First Deputy Chairman of the CBU Ilhom Norkulov said.

“These measures, along with the Roadmap, are clearly stated in the presidential decree. The most important thing here is the strong political will that is felt by professionals working in this field.

I would like to inform the people that the Central Bank’s management is ready to take on this responsibility, realizing the complexity and seriousness of this task,” Norkulov said in his speech on the program “Uzbekistan 2020”.

CB director for Monetary Policy Department Bekhzod Khamroyev also said that inflation rate would drop by 5 percent by the end of 2023.

“We can really do that. Because during the preparation period, we learned a lot about other countries. Many countries in Eastern Europe, CIS and Asia have gone through this stage in the 1990s. After we examined these experiences in detail and considered what is important in achieving the goal, we have been focusing on three key issues.

The first is support, that is, political will. The second is a thorough calculation. The last is systematic actions.

I can say with certainty that the presidential decree on transition to inflation targeting has solved many problems for us. The decree has approved the Roadmap, in which tasks of each ministry and agency have been explained step by step. 

From now onwards, a separate program will be developed to meet the annual inflation target. So, I can say with certainty that by 2023 we can reach the target of 5 percent,” Khamroyev noted.

It should be recalled that the Central Bank aims to reduce inflation in the country by 12 percent in 2020 and lower it by 10 percent in 2021.