On April 6, 2026, the Department of International Economics at the University of World Economy and Diplomacy (UWED), within the framework of the “Macroeconomics” course, organized a master class for second-year students of the Faculty of International Economics and Management on the topic “Monetary Policy and Its Transmission Mechanism.” The session was delivered by Ruslan N. Yakovlev, Head of the Macroeconomic Modeling and Analysis Division of the Monetary Policy Department of the Central Bank of the Republic of Uzbekistan.

During the master class, the objectives, instruments, and modern regimes of monetary policy were comprehensively discussed, along with the stages of development of monetary regulation in Uzbekistan. Particular attention was devoted to the transformation of the Central Bank’s policy following the liberalization of the foreign exchange market and the transition toward a more analytically grounded and forward-looking decision-making framework under inflation targeting.

Students were provided with a valuable opportunity to examine the functioning of the monetary transmission mechanism, including how policy rate decisions influence inflation, the money market, and economic activity through credit channels, exchange rate channels, and inflation expectations. The Central Bank expert elaborated on the theoretical concepts and analytical approaches underlying policy decisions, emphasizing the critical role of macroeconomic forecasting in selecting appropriate monetary policy instruments.

The students actively engaged in discussions, raising questions regarding the practical implementation of monetary policy and receiving comprehensive professional responses. The direct interaction with a Central Bank specialist contributed to reinforcing theoretical knowledge and deepening understanding of how monetary policy is conducted to ensure macroeconomic stability in the context of contemporary geo-economic challenges.

The event constituted a significant contribution to enhancing students’ competencies in macroeconomic regulation and modern monetary policy instruments, while also strengthening cooperation between the academic community and the Central Bank of the Republic of Uzbekistan.