The Central Bank of Uzbekistan maintained its policy rate at 14% per annum. The decision was made as inflation slowed to 6.2% in August while upward price risks persisted.
In August, annual inflation slowed to 6.2%, and core inflation declined to 5.5%. Inflation expectations among households and businesses are also falling.
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 feed into domestic prices through imports and logistics. The liberalization of regulated prices could also add further upward pressure.
The bank’s monetary policy remains focused on bringing inflation down to its medium-term target of 5% while maintaining macroeconomic stability.