The central bank has maintained the key interest rate at its current level.

Uzbekistan, Tashkent – According to AN Podrobno.uz, the Central Bank of Uzbekistan has decided to maintain the key interest rate at 13.5% per annum. The last adjustment to the rate occurred in July 2024, as reported by a Podrobno.uz correspondent.

https://podrobno.uz/cat/economic/tsentralnyy-bank-sokhranil-klyuchevuyu-stavku-na-prezhnem-urovne/2025-01-23 08:12:41

According to the regulator's press service, the decision to maintain the key interest rate is aimed at stabilizing inflation expectations and bringing inflation back to the target level of 5% in the medium term.

Several reasons have also been noted for the Central Bank's decision to keep the key rate unchanged:

Unstable inflation. While overall inflation is decreasing (down to 9.8% in December 2024), core inflation – a measure that excludes the influence of temporary factors – remains high (7.2%). This indicates persistent price pressures;

Strong consumer demand. Rising incomes and high economic activity are sustaining elevated spending levels, which contributes to further price increases;

Inflation expectations. The public and businesses anticipate rising prices, which in itself fuels inflation. To reduce these expectations, it is crucial to maintain tight monetary conditions;

Macroeconomic stability. Projected GDP growth (around 6% in 2025) and private investments support the economy but may exacerbate the imbalance between supply and demand, thereby increasing inflation;

Global market risks. Potential increases in prices for imported goods and energy reforms could temporarily heighten inflation, especially at the beginning of the year.