Tashkent, Uzbekistan (UzDaily.uz) — The weighted average nominal interest rate on loans in Uzbekistan’s national currency stood at 20.4% in September 2026, down 0.6 percentage points from September 2025.
The average rate on commercial loans fell by 1.1 percentage points to 22%, according to the Central Bank of Uzbekistan.
The calculation excludes rates on microloans and credit cards. The average interest rate on loans to individuals was 19.8%, down 2.5 percentage points year-on-year and unchanged from August. The rate on loans to legal entities rose by 0.5 percentage points both month-on-month and year-on-year, reaching 20.8%.
In the commercial lending market, the average rate for individuals stood at 21.6%, down 1.9 percentage points over the year, while the rate for businesses was 22.3%, a decrease of 0.6 percentage points.
Real interest rates on loans in national currency, calculated by subtracting inflation expectations from nominal rates, increased. The rate for individuals reached 10.2%, compared with 9.1% in August, while the rate for legal entities rose to 10.6% from 9.7%.
Real rates on commercial loans stood at 11.9% for individuals and 12% for businesses, respectively. Inflation expectations among the population fell to 8.7% in September, while those of businesses declined to 9.2%. Over the year, they decreased by 3.3 and 2.5 percentage points, respectively.
The average rate on preferential loans was 10.8%, up 1.5 percentage points from August but down 1.2 percentage points year-on-year. In real terms, rates on preferential loans moved into positive territory, reaching 1.9% for individuals and 1.5% for legal entities. In August, they stood at minus 0.1% and minus 0.5%, respectively.
The interest rate on foreign-currency loans increased by 0.4 percentage points year-on-year to 10.5%, but fell by 0.3 percentage points month-on-month. Rates on loans with maturities of up to one year averaged 9.4%, while those on loans exceeding one year stood at 11.1%.
The regulator also published average lending rates offered by individual banks as of 2 November 2026, based on data from the preceding 10 working days.
The average microloan rate was 27.6%, ranging from 22% at Microcreditbank to 40.4% at TBC Bank. Auto loans averaged 21.8%, with rates ranging from 18% at Ipoteka Bank to 29.2% at Anor Bank.
The average mortgage rate was 21.7%, ranging from 20.5% at OFB to 26% at Asia Alliance Bank. The Central Bank clarified that mortgage statistics include loans for purchases on the secondary housing market financed from banks’ own funds and resources provided by the Mortgage Refinancing Company.
Loans to legal entities for the purchase of fixed assets carried an average rate of 22.8%, ranging from 20% at Infinbank to 26% at Tenge Bank and Garant Bank.
The average rate on loans for replenishing working capital was also 22.8%, ranging from 20.1% at Ipoteka Bank to 33% at Tayanch Bank. The average rate on loans to individuals, excluding microloans and credit cards, was 22.4%, while the rate for legal entities was 22.5%.
The Central Bank noted that actual rates offered by banks may differ from the reported averages. This is because banks provide microloans and auto loans on preferential terms through digital platforms, partnership programmes and agreements with car manufacturers.
For business loans, the final interest rate is determined individually for each client and depends on the project implementation period, collateral liquidity, the bank’s internal lending policy and market conditions.
