Uzbekistan Keeps Key Rate at 14%

2026-01-28 08:24 By Joshua Ferrer 1 min. read

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.



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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.
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