Uzbekistan Maintains 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.

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.

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.