Central Bank to Maintain the Primary Annual Interest Rate at 13.5%

On Thursday, September 12, the Board of the Central Bank decided to maintain the primary interest rate at 13.5% per annum, as indicated in the regulator’s press release.

The Central Bank explained its decision, stating that the primary interest rate must remain at the current level without any changes to reach the forecasted level of inflation by year-end.

The regulator reported that the overall inflation rate has remained stable over the past three months, at 10.5% in annual terms as of August.

“In addition, core inflation, which had been decreasing since the beginning of the year, stopped declining in annualised terms after June,” the Central Bank stated in a press release.

The economy performed strongly in the first seven months of this year, narrowing the gap between overall demand and supply. Consequently, the industry, building and construction and services sectors are experiencing faster growth compared to the same period in 2023.

Kursiv Uzbekistan also reported that annual inflation in Uzbekistan reached 10.5% in August.