Behzod Hamraev

I oversee multiple key departments, including Monetary Policy, Financial Stability, Monetary Operations, Statistics and Research, Public Relations and Communication Policy, and Cash Circulation. o Leading the transition to a full-fledged inflation targeting regime and adjusting the operational framework to meet international standards; o Developed the CBU’s Forecasting and Policy Analysis System (FPAS) and established a forecast-based decision-making system; o Spearheaded reforms of the interbank money market, repo market, and both primary and secondary government securities markets; o Created a market-based continuous FX trading mechanism and developed FX derivative instruments; o Designed a macroprudential policy framework, including outlining capital-based and borrower-based tools; o Established macro stress testing, systemic risk assessment, early warning system for identifying financial instability, and the identification of real estate bubbles; o Developed and implemented a platform to automate and liberalize the cash circulation process among banks.

I oversaw the development and implementation of monetary policies to ensure price stability. I led a team in conducting thorough economic analyses and forecasts to guide strategic decision-making and policy adjustments. o Developed the inflation targeting framework and the roadmap for the transition in collaboration with IFIs (IMF, EBRD); o Created forecasting capacity by developing nowcasting, near-term forecasting, and New Keynesian QPM models; o Designed the monetary operations toolkit to establish a liquidity management mechanism for ensuring interest rate transmission.

I led a team responsible for developing inflation forecasts and analyzing inflation expectations. o Improved the inflation analysis and forecasting system by developing ARIMA models and conducting surveys on inflation expectations; o Wrote periodical reports on inflation, inflation expectations, and monetary policy; o Established daily and weekly price observation practices through the CBU’s regional branches and utilized web-scraping technologies.

- Conducted daily analyses of banking system liquidity through autonomous factors and created the liquidity forecast matrix; - Analyzed and forecasted major monetary indicators, studying the important factors influencing changes in base and broad money; - Contributed to the development of monetary policy decisions by providing a thorough analysis of the monetary sector.

I supported high-level decision-making processes, managed administrative duties, facilitated communication between departments, and ensured the smooth execution of key projects.

I oversaw the adherence to regulatory standards across banking institutions and contributed to the development of methodological frameworks.

I contributed to developing regulatory frameworks to enhance the oversight of credit organizations. I conducted comprehensive analyses to ensure compliance with banking regulation.

I was responsible for analyzing and projecting key financial indicators, conducting comprehensive economic analyses, and developing policies aimed at promoting economic growth. Additionally, I contributed to designing policies aimed at enhancing cost-effectiveness and competitiveness at the macroeconomic level.