The Central Bank of the Republic of Uzbekistan has revised the methodology for calculating and publishing the UZONIA Index, shifting the benchmark’s calculation basis to overnight REPO operations and their corresponding rates to better reflect current interbank money market activity. UZONIA, published by the Central Bank since 2022, is intended to represent the average interest rate for short-term interbank liquidity. While deposit operations were previously used as the main input, REPO activity has increased significantly since the second half of 2023, averaging 54 percent of money market volume in 2024 and 66 percent in the first half of 2025, including 72 percent in June. The updated methodology was developed with market participants and reviewed and agreed by the Money Market Working Group, established with the European Bank for Reconstruction and Development and comprising the Central Bank and all commercial banks. The revised methodology takes effect on August 1, 2025, and will be reviewed at least annually.
Central Bank of the Republic of Uzbekistan 2025-08-01
Central Bank of the Republic of Uzbekistan revises UZONIA methodology to base the benchmark on overnight REPO rates
The Central Bank of the Republic of Uzbekistan has updated the UZONIA Index methodology to base its calculation on overnight REPO operations, reflecting increased REPO activity in the interbank money market. Previously reliant on deposit operations, the change follows significant REPO growth, averaging 66% of market volume in early 2025. The revision, effective August 1, 2025, was developed with market participants and the Money Market Group.