Central Bank of Uzbekistan Enhances Liquidity Management with New Repo Auctions Framework

In line with recommendations provided by the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), and OGResearch, the Central Bank of Uzbekistan (CBU) has launched an updated framework for liquidity management. As of July 16, 2026, the CBU has officially introduced the practice of absorbing liquidity through 7-day repo auctions.

The updated monetary operations framework brings several critical, market-driven enhancements:

• The pricing of bonds used in the CBU's repo auctions is now calculated based on yield curve data.
• Restrictions on the secondary market circulation of bonds purchased by banks at repo auctions during the repo period have been lifted.
• The requirement that a bond’s maturity date must fall at least 5 calendar days after the execution date of the second leg of the repo transaction has been abolished.
• The CBU has introduced "fine-tuning" repo auctions to more effectively smooth out unexpected liquidity fluctuations across the banking sector.

These operational upgrades reflect the CBU's ongoing commitment to building a more resilient and efficient monetary policy framework. OGResearch is proud to see our technical assistance and macroeconomic advisory actively contribute to strengthening Uzbekistan's interbank market.

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