Challenges of Anti-Inflationary Policy in Uzbekistan

This article examines the key challenges of implementing anti-inflationary policy in the Republic of Uzbekistan amid the ongoing transformation of its national economy. The authors analyse the institutional, monetary, and structural factors that sustain persistent inflationary pressure despite the measures undertaken by the monetary authority. Drawing on statistical data published by the Central Bank of the Republic of Uzbekistan and the State Committee on Statistics for the period 2019–2024, the study identifies contradictions between the instruments of monetary and fiscal policy. A set of policy recommendations aimed at enhancing the effectiveness of anti-inflationary regulation is proposed, taking into account the specific features of Uzbekistan’s economic model.