Tashkent, Uzbekistan (UzDaily.com) -- Representatives of the International Monetary Fund mission headed by Ron van Ruden began online consultations with representatives of a number of ministries and departments from 25 January 2021 in order to assess the economic and financial development of the country, familiarize themselves with the directions of fiscal and monetary policy. Online consultations are conducted in the context provided for by Article IV of the IMF's Article of Agreements.

On 26 January, representatives of the mission met with the leadership of the Central Bank. During the meeting, the current macroeconomic policy, measures taken by the Central Bank during the coronavirus pandemic, the level of inflation and factors affecting it, the stability of the banking system during the crisis and the problems faced by the regulator were discussed.

The leadership of the Central Bank noted that in 2020, despite the difficult conditions of the pandemic, the stability of the banking system was ensured and the reporting period ended with positive financial results. It was also announced that in 2021 a separate department will be created in the structure of the Central Bank to study and ensure the financial stability of banks.

The head of the mission noted the effectiveness of monetary and macroprudential policies pursued by the Central Bank, thanks to which inflation targets are being achieved in Uzbekistan, despite the pandemic.

In addition, the parties noted the importance of the participation of international financial institutions and foreign investors in the process of reforming the banking system, transforming state-owned banks and their privatization.

The parties also agreed to discuss and develop further areas of cooperation during the next round of negotiations.

The mission will continue its activities until 12 February.