The Central Bank of the Republic of Uzbekistan kept its policy rate unchanged at 14 % on 18 March 2026, arguing that sticky headline inflation at 7.3 % in February, a renewed uptick in core inflation to 6.3 %, robust consumer demand and heightened external price risks require the continuation of tight monetary conditions to steer inflation to the 5 % medium-term target. The rate has stood at 14 % since a 50 bp hike in March 2025. The Bank notes that lending growth is gradually normalising and expects existing macro-prudential measures and the current stance to help temper aggregate demand. Externally, strong export receipts, remittances, elevated gold prices and relatively stable partner-currency dynamics are limiting pressure on the soum’s real exchange rate. Nevertheless, the Board warns that geopolitical tensions and possible supply-chain disruptions could lift global energy and food costs, feeding into domestic prices. It pledges to “closely monitor” inflation, expectations, demand and external conditions and stands ready to tighten further should risks threaten progress toward the target.
Central Bank of the Republic of Uzbekistan 2026-03-18
Uzbekistan’s central bank holds policy rate at 14%
The Central Bank of the Republic of Uzbekistan left its policy rate at 14%, maintaining the level set by the March-2025 50 bp hike, saying February headline inflation at 7.3%, rising core (6.3%), strong demand and external price risks justify continued tightness to reach the 5% medium-term target. It sees credit growth normalising but warns geopolitical and supply-chain shocks could lift energy and food prices and stands ready to tighten further if needed.