THE RELATIONSHIP BETWEEN INFLATION AND BANK INTEREST RATE POLICY IN UZBEKISTAN

This scientific article analyzes the relationship between the inflation rate and the interest rate policy of commercial banks in Uzbekistan, based on economic theory and practical statistical data. The study examines the impact of inflation on loan and deposit interest rates, the mechanisms for regulating monetary policy through the Central Bank's policy rate, and the role of interest rate policy in ensuring price stability. Additionally, it provides a scientific assessment of the monetary policy reforms implemented in Uzbekistan in recent years, the transition to an inflation-targeting regime, and its impact on the banking sector. The research findings indicate that a rise in the inflation rate leads to an increase in bank interest rates, which directly affects credit activity and investment processes. Concurrently, an effective interest rate policy is one of the key instruments for curbing inflation and ensuring macroeconomic stability. The article develops scientific and practical proposals and recommendations for achieving a balance between inflation and interest rate policy in the context of Uzbekistan.

本文基于经济理论与实际统计数据，分析乌兹别克斯坦国内通货膨胀率与商业银行利率政策之间的关联。该研究探讨了通货膨胀对贷款及存款利率的影响、通过中央银行政策利率调节货币政策的传导机制，以及利率政策在保障物价稳定中发挥的作用。此外，本文还对乌兹别克斯坦近年推行的货币政策改革、向通胀目标制（inflation-targeting regime）的转型及其对银行业的影响进行了科学评估。研究结果表明，通货膨胀率上升会推动银行利率上行，进而直接影响信贷活动与投资进程；与此同时，高效的利率政策是抑制通货膨胀、保障宏观经济稳定的关键工具之一。本文针对乌兹别克斯坦语境下实现通货膨胀与利率政策间的平衡，提出了兼具科学性与实践性的建议方案。