Central Bank of the Republic of Uzbekistan holds Money Market Working Group sessions with EBRD on liquidity operations and derivatives use

The Central Bank of the Republic of Uzbekistan hosted the European Bank for Reconstruction and Development (EBRD) Treasurer Axel van Nederveen and EBRD experts as part of the twelfth meeting of the Uzbekistan Money Market Working Group, focusing on monetary policy transmission and money market development. Discussions covered current macroeconomic conditions, liquidity formation in the banking system, the role and sizing of the Central Bank’s main liquidity operation, interbank market activity, and interest rate formation, alongside current cooperation areas and future plans. A further working group session with commercial bank treasurers reviewed liquidity conditions, interbank activity and interest rate dynamics, and considered the use of currency swaps for liquidity management and hedging exchange rate risk. The agenda also addressed interest rate risk management under floating rates, referenced global derivatives market practices where interest rate swaps are widely traded, and summarised results from a November 2025 simulation training on bank balance sheet risk management, product pricing decisions and the use of interest rate swaps in virtual scenarios. An open Q&A between the Central Bank, commercial banks and experts identified practical issues and topics for future cooperation.