The article is devoted to the impact of the process of digitalization of the monetary system of the Republic of Uzbekistan on the effectiveness of the monetary policy of the Central Bank (CBU) in terms of inflation targeting and the transformation of the economy to the one of the market economies. It examines the theoretical foundations of the transmission mechanism in the digital space, data on empirical evidence regarding the dynamics of non-cash payment, digital banks, the money supply M 2, inflation and GDP during the years 2015-2025, the role of pilot projects of the digital som (CBDC) and stablecoins (since the year 2026), and obstacles (cybersecurity, risk of bank disintermediation, residual dollarization). Special care is being taken to enhance the transmission of policies (interest rate, credit) channels, financial inclusion and lessening the shadow economy. The article has been written in IMRAD format and gives practical tips on how an accelerated digitalization process may be made to achieve the specified inflation rate of 5% as early as 2027.

digitalization of the monetary system, monetary policy, digital som, CBDC monetary policy, non-cash payments, transmission mechanism, financial inclusion, Uzbekistan, Central Bank.

Central Bank of the Republic of Uzbekistan. (2025). Annual Report 2024-2025. Tashkent.

Central Bank of the Republic of Uzbekistan. (2024). Main Directions of Monetary Policy for 2025 and the 2026-2027 Period. Tashkent (including Appendix 5).

Central Bank of the Republic of Uzbekistan. (2026). Payment System Indicators (December 2025).

World Bank. (2025). World Development Indicators.

International Monetary Fund. (2025). IMF DataMapper and CBDC Reports.

Asian Development Bank. (2025). Country Partnership Strategy: Uzbekistan.

BIS. (2025). Advancing in tandem - results of the 2024 BIS survey on central bank digital currencies (BIS Papers No. 159).

Gazeta.uz. (2026). The digital development process has been launched.

UzDaily.uz. (2026). CBU of Uzbekistan: cash turnover in 2025 grew by a quarter.

National Agency for Project Management. (2025). Financial Inclusion Strategy for 2025-2030.