O’zbekiston respublikasi oliy va o’rta maxsus ta’lim vazirligi buxoro davlat universiteti

12-module. The origin of banks and the banking system ........... 209 
12.1. The historical conditions that led to the emergence of
banks. .............................................................................................. 209 
12.2. Banking system of the Republic of Uzbekistan. ................... 212 
12.3. Banking system and its elements. ......................................... 214 
12.4. Reasons and conditions for the emergence of central banks 218 
13-module. Central bank and its functions .................................. 222 
13.1. Organizational structure of the Central Bank. ...................... 222 
13.2. Objectives of the Central Bank. ............................................ 224 
13.3. Functions of the central bank. ............................................... 226 
14-module. Active and liability operations of the central bank . 231 
14.1. Active operations of the central bank. .................................. 232 
14.2. Passive operations of the Central Bank. ............................... 236 
15-module. Independence of the central bank. ............................ 243 
15.1. Economic independence of the central bank and the procedure 
for its assessment. Political independence of the central bank and the 
procedure for its assessment. .......................................................... 243 
15.2. Scale of independence of central banks. The degree of 
independence of the U.S. Federal Reserve System. ...................... 244 
15.3. Degree of independence of the European Central Bank. Degree 
of independence of the Central Bank of Japan. The degree of 
independence of the Central Banks of countries with economies in 
transition. ........................................................................................ 248 

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15.4. Degree of independence of the Central Bank of the Republic of 
Uzbekistan. ..................................................................................... 255