Uzbekistan’s Central Bank Keeps Key Rate at 14 %

The Board of the Central Bank of Uzbekistan decides to leave the main interest rate unchanged at 14% per annum.

The regulator states: «This decision aims to return inflation and inflation expectations to a stable downward trend and to create the conditions for achieving the 5% target in the medium term.»

Since the start of the year, headline inflation has increased, reaching 10.3% in March. Core inflation also continues to accelerate, standing at 8.1% year-o- year.

According to the Bank’s new forecast, headline inflation should fall to 7–8% by the end of 2025.

The Central Bank will maintain a tight monetary policy to reach the 5% inflation target in the medium term. Policymakers will revisit the stance as the liberalisation of energy prices and evolving inflation expectations influence the outlook.