The Central Bank of Uzbekistan kept its key interest rate unchanged at 14% during its March 2026 meeting, signaling a cautious stance amid persistent inflation. Policymakers noted that the recent decline in headline inflation has slowed, with the rate holding broadly steady at 7.3% in February due to rising food prices, while core inflation has begun to trend upward, reaching 6.3%. Economic activity also remained robust, supported by strong aggregate demand. Additionally, rising geopolitical tensions pose upside risks to inflation, as disruptions to global supply chains could drive up energy and food prices, while shifts in logistics routes may increase transportation costs. Thus, the central bank deemed it necessary to maintain a restrictive monetary policy to ensure price stability and anchor inflation expectations. The Board also signaled that policy could be tightened further if these risks materialize and delay progress toward the inflation target. source: Central Bank of Uzbekistan

The benchmark interest rate in Uzbekistan was last recorded at 14 percent. Interest Rate in Uzbekistan averaged 28.36 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 March of 2026.

The benchmark interest rate in Uzbekistan was last recorded at 14 percent. Interest Rate in Uzbekistan is expected to be 14.00 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
2025-12-11 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 06:00 AM Interest Rate Decision 14% 14% 14.0%
2026-04-29 08:00 AM Interest Rate Decision 14%
2026-06-17 08:00 AM Interest Rate Decision
2026-07-29 08:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Deposit Interest Rate 17.20 17.10 percent Dec 2025
Foreign Exchange Reserves 75079.98 66311.80 USD Million Jan 2026
Interest Rate 14.00 14.00 percent Mar 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 Leaves Key Rate Unchanged at 14%
The Central Bank of Uzbekistan kept its key interest rate unchanged at 14% during its March 2026 meeting, signaling a cautious stance amid persistent inflation. Policymakers noted that the recent decline in headline inflation has slowed, with the rate holding broadly steady at 7.3% in February due to rising food prices, while core inflation has begun to trend upward, reaching 6.3%. Economic activity also remained robust, supported by strong aggregate demand. Additionally, rising geopolitical tensions pose upside risks to inflation, as disruptions to global supply chains could drive up energy and food prices, while shifts in logistics routes may increase transportation costs. Thus, the central bank deemed it necessary to maintain a restrictive monetary policy to ensure price stability and anchor inflation expectations. The Board also signaled that policy could be tightened further if these risks materialize and delay progress toward the inflation target.
2026-03-18
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