Tashkent, Uzbekistan (UzDaily.com) -- By the Decision of the Board of the Central Bank from 15 December  2022, the operational target of the monetary policy was changed and the calendar of the period of compilation and calculation of the required reserves for 2023 was approved.

Within the framework of bringing monetary policy in compliance with the standards of inflation targeting regime the Central Bank regularly improves the instruments of operational framework.

In its turn the efficiency of liquidity management by commercial banks is being increased. This is reflected in an increase in the volume of transactions conducted in the interbank money market and a decrease in the average maturity of these transactions.

In particular, the average monthly volume of money market transactions during the last 11 months of this year increased by 37% compared with the same period of the previous year. Also, commercial banks prefer to manage liquidity using mainly overnight operations, and 85-90% of money market operations fall on one-day deposit operations.

Based on foregoing, the Board of the Central Bank changed the operational target of the monetary policy to ensuring formation of the "UZONIA" rate close to the policy rate within the interest rate corridor.

The UZONIA rate is a benchmark interest rate, which is calculated on the basis of the "Methodology of calculation and publication of the index "UZONIA" (Uzbek Overnight Index Average) of the interbank money market of the Republic of Uzbekistan", approved by the Central Bank Board on July 21, 2022.

Along with this, the Board of the Central Bank approved the calendar of compilation periods of the required reserves of commercial banks to be deposited in the Central Bank for 2023, according to the appendix.