On September 16, the Central Bank of Uzbekistan kept its main policy rate at 14% per annum. The decision comes as inflation slowed to 6.2% in August while upward price pressures persisted.
In August, annual inflation slowed to 6.2%, and core inflation declined to 5.5%. Inflation expectations among households and businesses are also coming down.
The Central Bank noted that demand remains strong across retail, services, and investment, while credit growth is gradually cooling. High global prices for raw materials, food, and energy could push domestic prices up through imports and logistics. The deregulation of administered prices may also add price pressure.
The bank’s monetary policy remains focused on bringing inflation down to its medium-term target of 5% while maintaining macroeconomic stability.