OGResearch

Check out our newsletter where we summarize the key findings from our recent forecasts. Discover the latest insights on Armenia and Moldova. Stay informed about these developments and more by checking out our newsletter on our portal at https://www.ogresearch.com/news/ogresearch-macro-portal-newsletter----september-2026

How can central banks integrate Islamic finance into modern monetary policy while balancing exchange rate flexibility and price stability?

In a recent interview at the Monetary Policy Dialogue Forum 2026, OGResearch Managing Partner David Vávra sat down to discuss the evolving central banking landscape in Uzbekistan.

Key topics from the discussion include:
🔹 Integrating Islamic banking into modern monetary policy and liquidity management frameworks.
🔹 Navigating the interplay between exchange rate flexibility and price stability.
🔹 Supporting overall financial market development in Uzbekistan.

Watch the full interview here: https://www.youtube.com/watch?v=qRc_Xj6rwMc

Check out our newsletter where we summarize the key findings from our recent forecasts. Discover the latest insights on Mongolia, Uzbekistan and Angola. Stay informed about these developments and more by checking out our newsletter on our portal at https://www.ogresearch.com/news/ogresearch-macro-portal-newsletter----august-2026

🌍 Enhancing Monetary Operations in Uzbekistan

We are pleased to see the Central Bank of Uzbekistan (CBU) take a major step forward in refining its monetary policy operations. In accordance with joint recommendations from OGResearch, the International Monetary Fund (IMF), and the European Bank for Reconstruction and Development (EBRD), the CBU has introduced 7-day repo auctions as its primary instrument for absorbing liquidity.

This updated framework includes several key technical upgrades to the interbank market:
🔹 utilizing yield curve data to calculate bond pricing in repo auctions,
🔹 removing restrictions on the secondary market circulation of bonds during the repo period,
🔹 abolishing the 5-day maturity limit post-transaction,
🔹 launching "fine-tuning" repo auctions to smooth out unexpected banking liquidity fluctuations.

Read the official announcement here: https://cbu.uz/en/press_center/news/4194168/

cbu.uz

OGResearch is proud to announce a new partnership with the Erasmus Mundus Joint Master in Economics of Globalisation and European Integration (EGEI)!

Starting next academic year, we are providing a €3,000 annual fund to support outstanding student achievements and high-impact thesis research:

🏆 €1,000 — Anna Klosova Prize (Best Thesis)
🥇 2 × €1,000 — Best Student of the Year (Academic Excellence)

With several members of our team rooted in the EGEI network, this partnership reflects our ongoing commitment to nurturing global talent and bridging top-tier academia with applied macroeconomic practice.

OGResearch Economists Réka Doma and Áron Iker conducted a follow-up Technical Assistance mission to Tajikistan under the SECO-funded Macroeconomic Planning and Management Project (MPMP).

Working closely with the Ministry of Finance, the Ministry of Economic Development and Trade, and the National Bank of Tajikistan, the team focused on operationalizing the existing macroeconomic model, with a specific emphasis on revenue forecasting.

OGResearch Economists Anna Augusztin and Áron Iker, with translation support from Vlada Oleksiienko, recently delivered a technical workshop for the Ministry of Economy, Environment and Agriculture of Ukraine and Ministry of Finance of Ukraine. The mission was conducted under a project funded by the Swiss State Secretariat for Economic Affairs (SECO). The consultants welcomed the participants in OGR's Budapest office.

While previous missions were dedicated to finalising the baseline infrastructure, the June workshop focused on onboarding experts from the Ministry of Finance into the operational framework. Furthermore, the OGResearch team facilitated collaborative technical discussions between the two ministries to prepare a coordinated baseline projection, ensuring that expert judgements and macroeconomic outlooks were closely aligned across both institutional staffs.

Check out our newsletter where we summarize the key findings from our recent forecasts. Discover the latest insights on Madagascar and Sierra Leone. Stay informed about these developments and more by checking out our newsletter on our portal at https://www.ogresearch.com/news/ogresearch-macro-portal-newsletter----june-2026-2

Check out our newsletter where we summarize the key findings from our recent forecasts. Discover the latest insights on Azerbaijan and Ukraine. Stay informed about these developments and more by checking out our newsletter on our portal at https://www.ogresearch.com/news/ogresearch-macro-portal-newsletter----june-2026

Check out our newsletter where we summarize the key findings from our recent forecasts. Discover the latest insights on Ethiopia, Kazakhstan, and Kyrgyzstan. Stay informed about these developments and more by checking out our newsletter on our portal at https://www.ogresearch.com/news/ogresearch-macro-portal-newsletter----april-2026