Uzbekistan's Role in Global Monetary System: Policy Reforms, Digitalization, and Trade Challenges

Abstract

Uzbekistan plays a vital role in the worldwide monetary framework because the nation enhances its financial structure and implements new policies. Researchers study Uzbekistan’s monetary policy system combined with its exchange rate operations and financial integration strategies as they interact with worldwide monetary mechanisms. Previous research extensively investigated the structural problems within the world monetary framework but existing studies remain minimal regarding transitioning economies such as Uzbekistan. This work addresses the vacancy in research by conducting in-depth interviews with monetary policy analysts and central bank representatives and finance ministry officials. Research relies on qualitative methods to acquire monetary policy expert opinions regarding Inflation control and Exchange rate stability and Financial digitalization and Trade integration between nations. The experts rate financial digitalization at 8/10 and policy reforms at 9/10 because Uzbekistan strongly supports modernizing its financial industry. The central bank must focus on resolving foreign trade challenges while improving exchange rate stability because these sectors scored 6/10 and 5/10 respectively. Previous research by Abbasova & Abbasov and Kuznetsov confirms the exchange rate-policy relationship which affects economic stability. For Uzbekistan to boost its position in international monetary systems the country must improve monetary transparency while diversifying foreign reserves and deepen relationships with global financial institutions. To achieve sustainable monetary stability extended financial cooperation and enhanced Fintech adoption with balanced exchange rate policies form the basis of recommended policy solutions.