Central Bank of Uzbekistan Deputy Chairman Nodirbek Achilov said interest rates on loans and deposits could gradually decrease over the next 3–4 years.
Average lending rates have already dropped by 2–3 percentage points year-on-year compared to August 2025, Achilov noted at a press conference on November 4. Banks are also offering deposits above 18% per annum less and less frequently.
Achilov attributed the high rates to pent-up demand for credit following the economic liberalization in 2017 and insufficient domestic savings in previous years. The credit market is now gradually reaching saturation, and banks’ growing deposit base is creating additional funding sources for lending, which should help bring rates down.