Central Bank Maintains Key Interest Rate

The Central Bank of Uzbekistan kept its key interest rate unchanged at 13.5% per annum, according to a press release from the regulator.

“The decision aims to return core inflation and inflation expectations to a sustainable downward trajectory while creating sufficient conditions to achieve the 5% inflation target in the medium term,” the statement read.

The Central Bank noted that by the end of last year, the price growth for three-quarters of goods and services had slowed compared to 2023. However, core inflation in December slightly increased, rising to 7.2%.

The regulator forecasts that overall inflation will reach 7–8% by the end of the current year.

The country continues to experience high levels of consumer and investment activity, consistent with previous years. This trend has been driven by wage increases and remittances, which have positively impacted the real incomes of Uzbekistan’s population.

The Central Bank reaffirmed its commitment to establishing monetary conditions aimed at reducing inflation to 5% in the medium term.