The Central Bank of Uzbekistan held its key interest rate at 14% at its January 28, 2026 meeting, citing stronger-than-expected economic activity and a continued disinflation trend. Headline inflation eased to 7.3% in December, supported by tight monetary policy, a stronger exchange rate, and slower core price growth, though services inflation and food prices remain elevated. Inflation expectations ticked slightly higher, prompting the bank to maintain restrictive policy while projecting a decline toward 6.5% by year-end and a medium-term target of 5%. Economic activity in 2025 exceeded expectations, driven by aggregate demand, investment, fiscal spending, and remittances, with GDP growth in 2026 forecast at 6.5–7%. The central bank will continue monitoring inflation, demand, and external risks to ensure price stability and preserve purchasing power. The next policy review is scheduled for March 18, 2026. source: Central Bank of Uzbekistan

The benchmark interest rate in Uzbekistan was last recorded at 14 percent. Interest Rate in Uzbekistan averaged 28.40 percent from 1994 until 2026, reaching an all time high of 300.00 percent in March of 1995 and a record low of 9.00 percent in January of 2015. This page provides the latest reported value for - Uzbekistan Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Uzbekistan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

The benchmark interest rate in Uzbekistan was last recorded at 14 percent. Interest Rate in Uzbekistan is expected to be 13.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Uzbekistan Interest Rate is projected to trend around 10.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-10-24 08:00 AM Interest Rate Decision 14% 14% 14.0%
2025-12-11 11:20 AM Interest Rate Decision 14% 14% 14%
2026-01-28 08:00 AM Interest Rate Decision 14% 14% 14.0%
2026-03-18 08:00 AM Interest Rate Decision 14%
2026-04-29 08:00 AM Interest Rate Decision
2026-06-17 08:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Deposit Interest Rate 17.60 17.60 percent Oct 2025
Foreign Exchange Reserves 66311.80 61232.27 USD Million Dec 2025
Interest Rate 14.00 14.00 percent Feb 2026
Lending Rate 22.90 22.90 percent Dec 2025


Uzbekistan Interest Rate
In Uzbekistan, interest rate decisions are taken by the Central Bank of Uzbekistan. The official interest rate is the Refinancing Rate.
Actual Previous Highest Lowest Dates Unit Frequency
14.00 14.00 300.00 9.00 1994 - 2026 percent Daily

News Stream
Uzbekistan Keeps Key Rate at 14%
The Central Bank of Uzbekistan held its key interest rate at 14% at its January 28, 2026 meeting, citing stronger-than-expected economic activity and a continued disinflation trend. Headline inflation eased to 7.3% in December, supported by tight monetary policy, a stronger exchange rate, and slower core price growth, though services inflation and food prices remain elevated. Inflation expectations ticked slightly higher, prompting the bank to maintain restrictive policy while projecting a decline toward 6.5% by year-end and a medium-term target of 5%. Economic activity in 2025 exceeded expectations, driven by aggregate demand, investment, fiscal spending, and remittances, with GDP growth in 2026 forecast at 6.5–7%. The central bank will continue monitoring inflation, demand, and external risks to ensure price stability and preserve purchasing power. The next policy review is scheduled for March 18, 2026.
2026-01-28
Uzbekistan Maintains Key Rate at 14%
The Central Bank of Uzbekistan kept its key interest rate unchanged at 14% on December 11, 2025,maintain tight monetary conditions and contain inflation. Annual inflation eased to 7.5% in November, with core inflation declining to 6.3%, supported by a stronger exchange rate, lower import prices, and stable non-food prices. The bank noted that, although inflation expectations have moderated, they remain above current levels, with overall inflation projected to settle around 7.3% by year-end. Meanwhile, economic growth remained robust, with GDP expected to increase 7–7.5% in 2025, supported by stronger labor market demand, rising trade, and higher investment activity.
2025-12-12
Uzbekistan Keeps Key Rate at 14%
The Central Bank of Uzbekistan kept its key interest rate unchanged at 14% on October 24, 2025, to sustain tight monetary conditions and curb inflation. Annual inflation slowed to 8% in September, with core inflation at 7%, supported by a stronger soum and easing import prices. Food and non-food inflation dropped to 6.1%, though services inflation remained high due to strong demand. The bank noted that while inflation expectations have declined, they remain above current levels. Meanwhile, economic growth stayed robust, with GDP projected to rise 7–7.5% in 2025, driven by investment and consumer demand. However, risks from energy price liberalization and supply disruptions persist. The bank said maintaining tight policy would help stabilize prices and move toward its 5% inflation target in the medium term. The next rate review is set for December 11, 2025.
2025-10-24