The Central Bank plans to introduce changes gradually after strengthening financial stability and mechanisms to protect the foreign exchange market.
Uzbekistan’s Central Bank has prepared a roadmap for further liberalizing capital account operations. Central Bank Chairman Timur Ishmetov said the document is currently under interagency review and is expected to be published once the process is completed.
According to Ishmetov, the reforms will be introduced gradually, starting with stronger institutions, risk-management measures and mechanisms to safeguard financial stability and the foreign exchange market.
Uzbekistan has already removed major restrictions on current account operations and ensured currency convertibility. Capital account operations, however, remain subject to more cautious regulation. Ishmetov also noted that the International Monetary Fund classified Uzbekistan’s exchange rate regime as freely floating this year, and the Central Bank plans to maintain the floating exchange rate regime.
Ishmetov said Uzbekistan aims to diversify foreign direct investment sources rather than becoming overly dependent on a single country or region. China remains one of Uzbekistan’s major trade and investment partners, while economic ties with Europe and the United States are also expanding.
He also emphasized the importance of Central Asian countries coordinating their economic policies and presenting the region as a single market instead of competing separately for investment.
Ishmetov said Uzbekistan should prioritize long-term foreign direct investment over debt financing. The country is also increasing the share of new financing provided in Uzbek soums to reduce foreign exchange risks. According to Ishmetov, economic growth should increasingly rely on stronger domestic revenues rather than external borrowing.
