The Central Bank of Uzbekistan is stepping up measures to combat inflation.
The Central Bank of Uzbekistan has kept its key interest rate at 14%, while adopting a more hawkish tone due to persistent inflationary pressures and rising external risks. The institution does not rule out the possibility of further tightening its policy.
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The Central Bank of Uzbekistan on Wednesday kept its key interest rate unchanged at 14.00%, while tightening its stance due to persistent inflationary pressures and rising external risks.
The institution noted that the process of reducing inflation has stalled: in February, annual consumer price inflation remained at 7.3%. Core inflation accelerated to 6.3% year-on-year, compared to 5.7% in December 2025.
The bank reported that inflation expectations remain consistently high and show no signs of declining. The external environment is considered pro-inflationary, as geopolitical tensions are contributing to rising global prices for energy and food.
The increase in imported inflation risks, combined with strong domestic demand, indicates the need to maintain a tight monetary policy for a longer period.
In March, the bank changed its rhetoric compared to January, abandoning softer language. It now notes that policy may be further tightened if new risks materialize.