Uzbekistan Holds Benchmark Rate at 14%

2026-07-29 06:51 By Erika Ordonez 1 min. read

The Central Bank of Uzbekistan left its key policy rate unchanged at 14% during its July 2026 meeting, maintaining a tight monetary stance to bring inflation to its 5% target amid strong domestic demand and persistent price pressures.

Annual inflation accelerated to 6.4% in June, driven mainly by higher regulated energy tariffs and the liberalization of coal prices, while core inflation held steady at 5.7%.

The central bank kept its 2026 inflation forecast unchanged at 6.5%, citing strong domestic demand, second-round effects of tariff adjustments, and external uncertainties.

Meanwhile, the economy remained resilient, with GDP expanding 8.5% in the first half of the year, supported by robust consumer activity, investment demand, and foreign direct investment inflows.

The central bank reiterated that current monetary conditions remain sufficiently tight to curb inflationary pressures and inflation expectations while continuing to shape monetary conditions to ensure price stability.



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Uzbekistan Holds Benchmark Rate at 14%
The Central Bank of Uzbekistan left its key policy rate unchanged at 14% during its July 2026 meeting, maintaining a tight monetary stance to bring inflation to its 5% target amid strong domestic demand and persistent price pressures. Annual inflation accelerated to 6.4% in June, driven mainly by higher regulated energy tariffs and the liberalization of coal prices, while core inflation held steady at 5.7%. The central bank kept its 2026 inflation forecast unchanged at 6.5%, citing strong domestic demand, second-round effects of tariff adjustments, and external uncertainties. Meanwhile, the economy remained resilient, with GDP expanding 8.5% in the first half of the year, supported by robust consumer activity, investment demand, and foreign direct investment inflows. The central bank reiterated that current monetary conditions remain sufficiently tight to curb inflationary pressures and inflation expectations while continuing to shape monetary conditions to ensure price stability.
2026-07-29
Uzbekistan Keeps Key Rate Unchanged at 14%
The Central Bank of Uzbekistan kept its key policy rate unchanged at 14% at its June 2026 meeting, emphasizing the need to maintain tight monetary conditions. Annual inflation eased to 5.5% in May, largely reflecting the fading impact of the energy tariff increases introduced a year earlier. However, the latest tariff increases and rising transportation and production costs are expected to create short-term price pressures. Inflation is projected to reach around 6.5% by year-end, while longer-term expectations have improved. Economic activity remains strong, supported by robust growth in retail trade, services, tourism, and investment, as well as an acceleration in government spending in recent months. The economy is expected to expand by 7.0%–7.5% in 2026. Looking ahead, policy decisions will remain focused on bringing inflation back to its 5% target, safeguarding macroeconomic stability, and preserving the purchasing power of households.
2026-06-17
Uzbekistan Holds Benchmark Rate at 14%
The Central Bank of Uzbekistan kept its key policy rate unchanged at 14% at its April 2026 meeting, maintaining a tight monetary stance amid persistent inflation pressures. While headline inflation eased to 7.1% in March, the pace of disinflation slowed due to persistent price pressures and external factors. Inflation is expected to moderate to 6.5% by year-end, partly due to base effects. However, policymakers cited rising external risks from geopolitical tensions, including higher oil and food prices and logistics costs, which could feed into import inflation. Meanwhile, economic activity remained strong, with GDP growing 8.7% in Q1 2026, driven by services, construction, and trade. Investment inflows, including FDI, continue to support growth, prompting a revision of the 2026 forecast to 7–7.5%. The central bank signaled it will maintain tight conditions to anchor expectations and stands ready to tighten further if inflation risks intensify.
2026-04-29