Uzbekistan holds key rate at 14%, maintains growth forecast

Uzbekistan's Central Bank has opted to hold its benchmark interest rate at 14%, signaling a consistent approach to monetary policy. This decision comes as the nation recorded an annual inflation rate of 6.4% in June, with economic expansion projected to hit between 7.5% and 8% by 2026.

The Central Bank's Board formalized this choice during its July 29 assembly.

The regulatory body reported that June 2026 saw annual inflation at 6.4%, while core inflation held steady at 5.7%. A brief uptick in overall inflation during the month was attributed mainly to increased costs for energy and coal, as noted by the Central Bank.

The Central Bank reiterated its expectation for annual inflation to hover around 6.5% by the close of 2026, and its economic growth forecast of 7.5–8% also remained unchanged.

The regulator affirmed its commitment to a monetary policy strategy aimed at bringing inflation down to its medium-term goal of 5%, ensuring macroeconomic stability, and safeguarding the public's purchasing power.

The subsequent meeting of the Central Bank's Board to re-evaluate the key interest rate is slated for September 16, 2026. Previously, at its June 17 gathering, the Board had also voted to keep the key rate at 14% annually.

The Central Bank of Uzbekistan has kept the policy rate at 14% since it was raised from 13.5% in March 2025. Prior to that, the rate had been reduced to 13.5% in July 2024, marking the first time it had fallen below 14% in seven years.