THE ROLE OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN IN PLACING GOVERNMENT SECURITIES

This article examines the role that a central bank can play in supporting and developing debt markets, and how central bank policies can complement or interfere with government fiscal operations and debt management. It briefly reviews developments in the Uzbek bond market and then focuses on three aspects of the role of central banks in sovereign debt management: (i) as a public debt manager; (ii) as an issuer of debt; and (iii) as a promoter of debt markets.