FINANCIAL AND LEGAL MECHANISMS FOR ADOPTING AND IMPLEMENTING MACROPRUDENTIAL DECISIONS BY THE CENTRAL BANK

The article analyses the financial and legal mechanisms through which the Central Bank of the Republic of Uzbekistan adopts and implements macroprudential decisions. Drawing on the 2019 Laws “On the Central Bank” and “On Banks and Banking Activity”, the 2023 Macroprudential Policy Framework and the practical decisions of the Central Bank Board, the paper describes the legal foundations of macroprudential policy, the four stages of the decision-making cycle, and the financial and legal nature of capital, liquidity and borrower-based instruments. The decision to keep the countercyclical capital buffer rate at 1.5 percent is used to illustrate how decisions are supported by data. The author puts forward proposals for anchoring the objectives and powers related to systemic risk at the statutory level, formalising inter-agency coordination, and preventing regulatory arbitrage in the non-bank sector.