According to spot.uz, banks have cut interest rates on national currency deposits: after a June peak of 17.6%, the average yield dropped by 0.1 percentage points in July and 0.3 percentage points in August, reaching 17.2%.
For retail depositors, rates stood at 18.4% per annum in August (down 0.5 percentage points from July and 3% lower than last year’s level). Short-term deposits fell to a multi-year low of 13.9%, while long-term deposits dropped to 18%. The real yield on deposits (adjusted for inflation) was 7.9% in August, down 0.3 percentage points year-on-year.
Foreign currency deposit yields returned to their May peak of 5.5% per annum after a two-month decline. In the corporate segment, rates reached 15.5%, falling by 2.2% over the year.
