The document was adopted to further improving monetary policy, introducing new instruments of monetary policy in accordance with international best practices, strengthening its role in ensuring the stability of the national currency and macroeconomic stability in the country.

Uzbek President agreed with proposal of the Central Bank on reorientation of principles and mechanisms for achieving monetary policy objectives in the medium term on inflation targeting regime used by the central banks of the world in ensuring the stability of domestic prices.

President approved a set of measures developed by the Central Bank, the Ministry of Finance, the Ministry of Economy of Uzbekistan jointly with interested ministries and departments to further improve the monetary policy in the period 2017-2021 and a phased transition to the inflation targeting regime.

The Central Bank was instructed, by 1 March 2018, to develop and approve a medium-term Concept for Development and Implementation of Monetary Policy and a roadmap for implementation of the Concept for 2018-2021, providing for a phased transition to the inflation targeting regime:

• improving practice of coordination of the general economic, fiscal and monetary policies, paying special attention to ensuring interaction and coherence of the goals for economic growth, balance of state budget and stability of the price level in the economy;
• expansion of a set of effectively used interest-bearing instruments of monetary policy on liquidity provision and attraction operations;
• wide application by commercial banks of market mechanisms for formation of interest rates, including loans;
• improvement in accordance with the best foreign experience models of macroeconomic analysis and forecasting;
• increase transparency and predictability of the monetary policy, including by strengthening the relationship with the public in order to inform about the instruments used and the ultimate objectives of the policy.

Till 1 October 2017, it was also instructed to develop and, in the established manner, to submit to the Cabinet of Ministers of Uzbekistan a draft Concept for further development of financial market of the republic, including the government securities market for medium and long term.