{"id":5368,"date":"2025-12-05T11:28:28","date_gmt":"2025-12-05T06:28:28","guid":{"rendered":"https:\/\/invexi.org\/?p=5368"},"modified":"2025-12-05T11:33:21","modified_gmt":"2025-12-05T06:33:21","slug":"central-bank-of-the-republic-of-uzbekistan-monetary-policy-guidelines-for-2026-2028","status":"publish","type":"post","link":"https:\/\/invexi.org\/uz\/press\/central-bank-of-the-republic-of-uzbekistan-monetary-policy-guidelines-for-2026-2028\/","title":{"rendered":"O\u2018zbekiston Markaziy banki Pul-kredit siyosatining 2026-yil va 2027-2028-yillar davriga mo\u2019ljallangan asosiy yo\u2019nalishlari"},"content":{"rendered":"<p><\/p>\n<p><span style=\"font-size: 14pt;\"><em><strong>O\u2018zbekiston Respublikasi Markaziy banki pul-kredit siyosatining 2026-2028-yillarga mo\u2018ljallangan asosiy yo\u2019nalishlari e\u2019lon qildi. Unda so\u2018nggi makroiqtisodiy va inflyatsion ko\u2018rsatkichlar hamda ular bo\u2018yicha 2026-2028-yillarga mo\u2018ljallangan asosiy prognozlar keltirilgan. Pul-kredit siyosati narxlar barqarorligini ta\u2019minlash hamda inflyatsiyani o\u2018rta muddatli targetgacha &#8211; 5 foizgacha pasaytirish maqsadidan kelib chiqib amalga oshiriladi.<\/strong><\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 14pt;\"><b>2025-yildagi makroiqtisodiy sharoitlar<\/b><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">2025-yilda O\u2018zbekiston iqtisodiyoti barqaror va nisbatan yuqori o\u2018sishni saqlab qolishi hamda real YaIM o\u2019sishi 7-7,5 foiz atrofida bo\u2018lishi kutilmoqda. Yuqori investitsion faollik, uy xo&#8217;jaliklari daromadlarining oshishiga mos ravishda iste&#8217;mol talabining ortishi va eksportning jadal o&#8217;sishi iqtisodiy o&#8217;sishning asosiy omillaridan bo\u2018lmoqda. Investitsion faollikning oshishi xizmat ko\u2018rsatish, sanoat va qurilish sohalarida sezilarli o\u2018sishga hissa qo\u2018shmoqda. Budjet daromadlari xarajatlarga qaraganda tezroq o\u2018sdi, bu fiskal konsolidatsiya va muvozanatli fiskal pozitsiyani qo\u2018llab-quvvatladi.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Ayrim iste\u2019mol tovarlari bo\u2018yicha import taklifi bilan bog\u2018liq xatarlar 2025-yilning I choragida inflyatsiyaning yuqori bo\u2018lishiga va inflyatsion kutilmalarning vaqtinchalik oshishiga olib keldi. Bunga javoban, mart oyida Markaziy bank asosiy stavkani 0,5 foiz bandga oshirib, yillik 14 foizga yetkazish orqali pul-kredit siyosatini qat\u2019iylashtirdi. Pul-kredit siyosatining nisbatan qat\u2019iyligi hamda valyuta kursining mustahkamlanishi III chorakda import inflyatsiyasi, inflyatsion bosim va inflyatsion kutilmalarning pasayishiga xizmat qildi. Umumiy inflyatsiya 2025-yil oxirigacha 8 foiz atrofida bo\u2018lishi kutilmoqda.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><b>O\u2018rta muddatli istiqbol va xatarlar<\/b><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">2026-2028-yillarga mo\u2018ljallangan o\u2018rta muddatli prognozlar tashqi va ichki sharoitlar o\u2018zgarishi bo\u2018yicha kutilmalarni aks ettiruvchi asosiy makroiqtisodiy ssenariyga asoslanadi. Tashqi tomondan, global o\u2018sish davom etayotgan noaniqliklar sharoitida nisbatan past bo\u2018lib qolishi prognoz qilinmoqda. Ichki sharoitlar:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt;\">yalpi talabning bosqichma-bosqich barqarorlashuvini;<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">kreditlar o\u2018sishining me\u2019yorlashuvini;<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">mehnat unumdorligiga mos ravishda ish haqining oshishini;<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">pul o\u2018tkazmalarining o\u2018sishi o\u2018rta muddatli trayektoriyaga qaytishini;<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">investitsiyalarning barqaror oqimini va yalpi ichki mahsulotning 3 foizidan oshmaydigan fiskal taqchillikni nazarda tutadi.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt;\">Ushbu ssenariy bo\u2018yicha yalpi ichki mahsulotning real o\u2018sishi 2026-yilda 5,5-6,5 foizni, 2027-2028-yillarda 6-7 foizni tashkil etishi kutilmoqda.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Markaziy bank inflyatsiyaning 5 foizlik o\u2018rta muddatli targetiga qat\u2019iy amal qiladi. Umumiy inflyatsiya 2026-yil oxirigacha 7 foizgacha pasayishi, 2027-yilda 5 foizlik targetga yetishi va 2028-yildan boshlab ushbu ko\u2018rsatkich atrofida shakllanishi kutilmoqda. Inflyatsiyaning past va barqaror bo\u2018lishini ta\u2019minlash raqobatni kuchaytirish, savdo ochiqligi, energetika xavfsizligi, infratuzilma va moliya sektorini yaxshilash bo\u2018yicha tarkibiy islohotlarni ham talab qiladi.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Pul-kredit siyosatining 2025-2028-yillarga mo\u2018ljallangan prognozining\u00a0<a title=\"Asosiy_yo'nalishlar_2026-2028_lotin_uz.pdf\" href=\"https:\/\/cbu.uz\/upload\/medialibrary\/675\/6nql7kgl1s1owdnpqoqbzzkqhlpw1gr4\/Asosiy_yo_nalishlar_2026_2028_lotin_uz.pdf\" target=\"_blank\" rel=\"noopener\">to\u2018liq matni<\/a>\u00a0va\u00a0<a title=\"Monetary Policy Guidelines for 2026-2028-UZ (3).pdf\" href=\"https:\/\/cbu.uz\/upload\/medialibrary\/180\/ixy4qevzbnasus023xoqlstmc6dfjnbu\/Monetary-Policy-Guidelines-for-2026_2028_UZ-_3_.pdf\" target=\"_blank\" rel=\"noopener\">qisqa tafsifi<\/a> bilan\u00a0 tanishishing.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Manba: <a href=\"https:\/\/cbu.uz\/uz\/monetary-policy\/publications\/press-releases\/3096025\/?utm_source=in_materials\" target=\"_blank\" rel=\"noopener\">O\u2018zbekiston Respublikasi Markaziy banki<\/a><\/span><\/p>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>O\u2018zbekiston Respublikasi Markaziy banki pul-kredit siyosatining 2026-2028-yillarga mo\u2018ljallangan asosiy yo\u2019nalishlari e\u2019lon qildi. Unda so\u2018nggi makroiqtisodiy va inflyatsion ko\u2018rsatkichlar hamda ular bo\u2018yicha 2026-2028-yillarga mo\u2018ljallangan asosiy prognozlar keltirilgan.<\/p>\n","protected":false},"author":1,"featured_media":5370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-5368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/5368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/comments?post=5368"}],"version-history":[{"count":3,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/5368\/revisions"}],"predecessor-version":[{"id":5374,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/posts\/5368\/revisions\/5374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/media\/5370"}],"wp:attachment":[{"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/media?parent=5368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/categories?post=5368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invexi.org\/uz\/wp-json\/wp\/v2\/tags?post=5368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}