The Central Bank of Uzbekistan Holds Policy Rate Unchanged at 14 Percent

The Central Bank held its policy rate unchanged at 14 percent on 17 June 2026, saying that although headline inflation has declined in recent months, the broadly unchanged dynamics of underlying inflation, strong domestic demand and elevated external uncertainty require tight monetary conditions to be maintained. In May, annual headline inflation slowed to 5.5 percent in line with the forecast path, largely because the previous year’s energy tariff base effects faded, while core inflation was 5.7 percent as services inflation continued to ease but food inflation accelerated somewhat. The Central Bank kept its end-2026 inflation forecast at around 6.5 percent and projected economic growth in the 7.0-7.5 percent band, citing robust retail trade, services, tourism and investment, with higher fiscal spending expected to support activity and demand in coming quarters. It also said positive real interest rates are encouraging savings, supporting balanced credit growth and helping contain price pressures. The June increase in energy tariffs is expected to add short-term inflation pressure and second-round effects through transport and production costs over coming quarters, while global food and energy price volatility, rising logistics costs and tight policy by some foreign central banks could sustain imported inflation and high external financing costs. The Central Bank said gradual monetary easing would depend on a sustained decline in inflation expectations, limited secondary tar