Interest on Foreign Currency Deposits

Photo: Golib Tolibov / Depositphotos

According to the Central Bank of Uzbekistan, at the end of November, the average interest rates on household loans in banks across Uzbekistan rose to 24.3% per annum. This marks an increase of 0.5% from September, which recorded the lowest annual rate.

Since August, the average interest rate on business loans remained unchanged at 22.7% per annum.

The rates for individual deposits in the national currency have remained steady, with an average yield of 22.1% in November. However, interest rates on deposits from legal entities dropped to 16.3% after a brief increase in October.

In contrast, the yield on foreign currency deposits for firms increased by 1.5%, reaching an annual high of 6.3% by the end of the month. Interest rates on foreign currency deposits for individuals rose modestly from 4.8% to 5% per annum.

Long-term loans in foreign currency decreased to an average rate of 9.7%, while short-term loans increased to 10.8%. Average rates for short-term foreign currency loans were only higher in September.

Kursiv Uzbekistan also reports that the Central Bank of Uzbekistan maintained the base rate at 13.5% as of December 12.