The Board of the Central Bank of Uzbekistan has decided to maintain the key policy rate at 14% per annum, effective from December 11.
The regulator cited the need to control inflation and minimise inflationary risks as the main reason for keeping rates steady. Annual inflation fell to 7.5% in November, supported by a slowdown in core inflation to 6.3%. The stabilising effect of a stronger exchange rate and moderate import prices also helped contain the rise in non-food goods.
The Central Bank expects inflation to reach 7.3% by the end of 2025 and around 6.5% by the close of 2026.
Economic activity remains robust, with growing labour market demand, higher revenues from trade and paid services, and increased interbank transaction volumes. Overall, the economy is forecast to expand by 7–7.5% this year.
The Bank has pledged to maintain tight monetary conditions to achieve its long-term inflation target of 5%. The next meeting to review the key rate is scheduled for January 28, 2026.
