The Board of the Central Bank of the Republic of Uzbekistan left the policy rate at 14 percent per annum, arguing that tight monetary conditions are still required as headline inflation, though down to 7.1 percent year-on-year in March and projected to slow to about 6.5 percent by end-2026, remains above the 5 percent target while price stabilisation has recently lost momentum and external price pressures are building. The rate has been steady at 14 percent since a 50 bp hike in March 2025. Positive real interest rates are encouraging household saving and tempering credit growth. Buoyant domestic demand persists—real GDP expanded 8.7 percent in the first quarter, prompting an upgraded 2026 growth forecast of 7–7.5 percent. On the external side, stronger partner-currency exchange rates, high gold prices, and firm export earnings and remittances are supporting foreign-exchange supply, although rising global oil and food prices amid elevated geopolitical tensions could add to import-led inflation. The central bank reiterated that it will ensure “sufficient restrictiveness” and stands ready to tighten policy further if inflation or expectations threaten progress toward the 5 percent objective.
Central Bank of the Republic of Uzbekistan 2026-04-29
Uzbekistan central bank keeps policy rate unchanged at 14%
The Central Bank of the Republic of Uzbekistan kept its policy rate at 14 percent, underscoring that headline inflation remains elevated at 7.1 percent year-on-year against a 5 percent target and warning of rising external price pressures; the rate has been unchanged since a 50 bp increase in March 2025. The board will preserve a “sufficiently restrictive” stance and is prepared to tighten further if inflation or expectations threaten the projected decline to about 6.5 percent by end-2026.