00:02Central banks are entering a more complicated phase after years of high inflation.
00:07Policymakers are weighing the timing of interest rate cuts,
00:10the need to keep inflation expectations under control,
00:12and the use of new digital tools without weakening financial stability.
00:16That agenda brought central bankers, economists and international financial institutions
00:21to Tashkent for the first Monetary Policy Dialogue Forum.
00:24There have been repeatedly shocks for the last five years,
00:29and that is why lessons learned from the shocks and experience
00:35and sharing of experience is absolutely very important.
00:39The first pressure point is the path of interest rates.
00:42After the inflation surge of recent years, the pace of any cuts remains a delicate call.
00:47The risk, I fear, remains that for many central banks,
00:53policy easing is contemplated too early.
00:56But the discussion went beyond interest rates.
00:59For central banks, credibility depends on keeping inflation expectations
01:03anchored when new shocks hit the economy.
01:05In Tashkent, inflation targeting was presented as one way to protect price stability
01:10in a less predictable world.
01:12A framework that works very well, in my view, is inflation targeting.
01:17By focusing on stabilizing inflation and maintaining price stability,
01:23central banks simply provide the foundation for all of the other adjustments
01:28that need to take place when shocks hit the economy.
01:31For Uzbekistan, the discussion has a practical dimension.
01:34The country is still moving towards full-fledged inflation targeting
01:38as part of broader market reforms.
01:40Figures presented at the forum show the inflation falling from nearly 20% in 2018
01:45to 5.5% in May 2026.
01:49Inflation expectations have also declined from an average of 20% to about 10%.
01:54On the central bank side, we will continue our tight monetary conditions
01:58to achieve the inflation target, to build high credibility for monetary policy.
02:04From inflation targeting towards official intelligence, the challenges facing the world's central banks are global
02:10and the answers will have to be two.
02:12That's why governors, economists and policy makers gathered here in Tashkent.
02:16Roshan Rahmatullaeva, Euronews.
02:19Roshan Rahmatullaeva.
02:20Roshan Rahmatullaeva, Euronews.
02:21Roshan Rahmatullaeva, Euronews.
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