PhD, Associate Prof. R.T. Shomurodov

Tashkent Institute of Finance

Abstract: This article indicates the monetary policy instruments developed over the years under the influence of innovative ideas based on the best practices of developed countries, and examines the scientific and theoretical views of foreign economists in this regard. It is also based on the fact that monetary policy has played an important role in solving financial and economic crises, epidemics, pandemics, macroeconomic and financial problems observed at different periods in the history of world economies. The practice of using monetary policy instruments in Uzbekistan is analyzed, existing problems are identified and their scientific solutions are presented. In turn, science-based scientific, theoretical and practical proposals and recommendations have been developed to increase the role of Uzbekistan by improving monetary policy through the development of innovations.

Key words: monetary policy, monetary instruments, reserve requirement policy, open market operations, interest rate policy, Central bank, inflation, devaluation, balance of payments, economic growth, macroeconomic sustainability.

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