In its July 2026 decision, the Central Bank of the Republic of Uzbekistan kept the policy rate unchanged at 14% per annum, saying slower disinflation, persistent supply-side and external price pressures, strong domestic demand and possible second-round effects from energy tariff changes warranted tight monetary conditions to bring inflation toward its 5% target. The rate was raised by 50 bp in March 2025 to 14% from 13.5% in January 2025 and has been unchanged since. The Central Bank said monetary conditions remain sufficiently tight, with positive real interest rates supporting savings and contributing to a moderation in credit growth. Headline inflation accelerated to 6.4% year on year in June, mainly because of regulated energy tariff increases and coal price liberalization, while core inflation was 5.7%, and the end-2026 inflation forecast was unchanged at 6.5%. Real GDP grew 8.5% in the first half of 2026, with retail trade, services and investment indicating robust demand, and growth is projected at around 7.5-8% in 2026. The Central Bank warned that higher global food and commodity prices, fuel supply disruptions in trading partner countries, elevated logistics costs, and tight external financial conditions could add to imported inflation and financing uncertainty, and said it will continue to maintain the monetary conditions necessary to ensure price stability.
Central Bank of the Republic of Uzbekistan2026-07-29
Central Bank of the Republic of Uzbekistan Keeps Policy Rate Unchanged at 14%
The Central Bank of the Republic of Uzbekistan kept its policy rate unchanged at 14% in July 2026, saying slower disinflation, persistent supply-side and external price pressures, strong domestic demand, and possible second-round effects from energy tariff changes required continued tight monetary conditions to steer inflation toward the 5% target. Headline inflation rose to 6.4% year on year in June, the end-2026 inflation forecast was unchanged at 6.5%, and the central bank said it will maintain conditions needed for price stability amid robust growth and external inflation risks.