The Central Bank of the Republic of Uzbekistan held its key rate at 14% per annum, citing persistent inflation risks from strong domestic demand and changing external conditions despite declining inflation expectations, following holds at the same level from December 2025 through September 2026. Money market interest rates remained close to the key rate. Annual headline inflation edged up to 6.4% in September, driven by fruit and vegetable prices, fuel and some services. The central bank projected inflation at around 7% by end-2026 and at its 5% target by end-2027. It raised its economic growth forecast to around 8% for 2026, while warning that aggregate demand continued to exceed production capacity, sustaining inflationary pressures. Positive real interest rates on national-currency deposits and loans supported savings and restrained demand. Global food-price volatility and energy-price risks could slow disinflation through import prices, processing and transportation costs. The central bank will maintain tight monetary conditions to limit the secondary effects of supply shocks on other prices and inflation expectations and sustain the downward inflation trend.
Central Bank of the Republic of Uzbekistan Holds Key Rate at 14%
The Central Bank of the Republic of Uzbekistan held its key rate at 14% per annum, citing persistent inflation risks from strong domestic demand and changing external conditions. It will maintain tight monetary conditions and projects inflation at around 7% by end-2026 and at its 5% target by end-2027.