Tashkent, Uzbekistan (UzDaily.com) -- In order to bring the benchmark calculation methodology for the monetary policy operating mechanism and money market interest rates into line with international standards, the Central Bank, with the support of International Financial Institutions and consulting companies, is constantly analysis is carried out and proposals are formed.

Based on the experience of advanced countries that have switched to inflation targeting and international financial markets, in order to develop the operational mechanism of monetary policy and increase the importance of money market parameters:

from 4 August 2022 for the main operations of liquidity management - the period of deposit auctions has been reduced to 1 week and will be held once a week;

in order to effectively transfer the decisions of the Central Bank on changing the main rate to the money market, the role of the 1-week deposit auction in managing general liquidity is being increased;

from 22 July 2022, the cost of short-term resources in the interbank money market, expressed through the interest rate "UZONIA", the index "UZONIA" and interest rates for various periods associated with "UZONIA", will be calculated and announced;

The methodology for calculating and declaring the UZONIA Index of the interbank money market of the Republic of Uzbekistan (Uzbek Overnight Index Average) was developed with the participation of the European Bank for Reconstruction and Development, as well as commercial banks and approved by the Board of the Central Bank on 21 July 2022.