The Central Bank of the Republic of Uzbekistan held its policy rate at 14% per annum on Sept. 16, maintaining tight monetary conditions as inflation declined and parts of the economy showed signs of rebalancing, while persistent price risks remained. The central bank has kept the rate at 14% at every stated decision since October 2025. Headline inflation slowed to 6.2% in August and core inflation stood at 5.5%, although broader price pressures and inflation inertia persisted as expectations declined more slowly than headline inflation. Consumer and investment demand remained active, but some aggregate-demand components began to stabilise and credit growth gradually moderated under tight monetary conditions. The soum’s real effective exchange rate strengthened during the year despite depreciation in some major trading-partner currencies, easing imported inflation pressures. Elevated global commodity, food and energy prices, along with transport and logistics costs, continued to pose external inflation risks, while regulated-price liberalisation could generate second-round effects. The central bank will maintain conditions needed to lower inflation to its 5% target by end-2027.
2026-09-16Central Bank of the Republic of Uzbekistan
Central Bank of the Republic of Uzbekistan Holds Policy Rate at 14%
The Central Bank of the Republic of Uzbekistan held its policy rate at 14% as inflation eased to 6.2% in August, while persistent domestic and external price risks warranted continued tight monetary conditions. It aims to reduce inflation to its 5% target by end-2027.