Uzbekistan Central Bank holds key rate at 14% citing inflation risks

September 16, 2026 at 12:21 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

The Central Bank of Uzbekistan kept its key interest rate at 14% on September 16, 2026, citing persistent inflation risks. Annual inflation slowed to 6.2% in August, but the regulator said price pressure remains stable. The bank noted that high global commodity prices and liberalization of regulated prices could add to inflation.

Key Facts

The Central Bank of Uzbekistan kept its key rate at 14% at its September 16, 2026 meeting.
Annual inflation slowed to 6.2% in August, while core inflation was about 5.5%.
The share of goods and services with price growth above 5% per year increased, indicating persistent price pressure.
Inflation expectations of households and businesses declined more slowly than overall inflation, pointing to inflation inertia.
The real effective exchange rate of the soum strengthened during the year, easing import price pressure.

Rate Decision

The Central Bank of Uzbekistan kept its key rate at 14% at its September 16, 2026 meeting. The regulator said maintaining tight monetary conditions is necessary to limit the transition of inflation risks into persistent inflationary processes. It also cited the need to mitigate secondary effects and ensure a steady decline in inflation expectations.

Inflation Dynamics

Annual inflation slowed to 6.2% in August, continuing its downward trend. Core inflation was about 5.5%. The share of goods and services with price growth above 5% per year increased, indicating persistent price pressure. Inflation expectations of households and businesses declined more slowly than overall inflation, pointing to inflation inertia. High global prices for raw materials, food, and energy resources maintain pressure on domestic inflation through import prices and logistics costs.

Economic Activity and Credit

Positive trends in retail trade, services, and investment indicate active consumer and investment demand. In recent months, signs of stabilization in some components of aggregate demand have emerged. Credit growth is gradually normalizing under current monetary conditions. Positive real interest rates support household propensity to save. The real effective exchange rate of the soum strengthened during the year, easing import price pressure.