MACROPRUDENTIAL REGULATION AND MONETARY POLICY EFFECTS ON COMMERCIAL BANK LIQUIDITY IN UZBEKISTAN

This article examines how macroprudential regulation and monetary policy have shaped the liquidity of commercial banks in Uzbekistan between 2022 and early 2026. The study focuses on the joint effect of borrower-based and capital-based macroprudential instruments, the key rate and reserve requirement policy of the Central Bank of Uzbekistan (CBU), and the resulting dynamics of bank liquidity. Using a mixed-method design that combines regulatory analysis with official year-end indicators (2022–2025) and quarterly money-market data (Q1 2025–Q1 2026), the research assesses the adequacy of banks’ liquidity buffers and identifies remaining vulnerabilities. The findings show that the system-wide liquidity coverage ratio (208%) and net stable funding ratio (120%) exceed the 100% minimum by a wide margin, that the loan-to-deposit ratio declined by about 50 percentage points between 2023 and 2025, and that interbank rates converged toward the key rate as the central bank absorbed a growing liquidity surplus. However, interbank concentration, dollarization, and uniform liquidity requirements remain sources of risk. The article proposes directions for calibrating liquidity regulation and coordinating monetary and macroprudential instruments.