In Uzbekistan, interest rate decisions are taken by the Central Bank of Uzbekistan. The official interest rate is the Refinancing Rate.
Latest Updates
The Central Bank of Uzbekistan held its key interest rate at 14% at its January 28, 2026 meeting, citing stronger-than-expected economic activity and a continued disinflation trend. Headline inflation eased to 7.3% in December, supported by tight monetary policy, a stronger exchange rate, and slower core price growth, though services inflation and food prices remain elevated. Inflation expectations ticked slightly higher, prompting the bank to maintain restrictive policy while projecting a decline toward 6.5% by year-end and a medium-term target of 5%. Economic activity in 2025 exceeded expectations, driven by aggregate demand, investment, fiscal spending, and remittances, with GDP growth in 2026 forecast at 6.5–7%. The central bank will continue monitoring inflation, demand, and external risks to ensure price stability and preserve purchasing power. The next policy review is scheduled for March 18, 2026.
