Central Bank Prepared to Act on Inflation Risks

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan must remain prepared to respond both to further inflation slowdowns and to rising inflation risks, Central Bank Chairman Timur Ishmetov stated at the Silk Road Finance & Technology Forum in Tashkent on 24 August 2026.

Ishmetov noted that central bank operations are inherently linked to ongoing risks stemming from global economic uncertainty and external shocks. He stressed that the regulator needs to transition from basic risk management toward enhancing the financial system's overall resilience against persistent market volatility.

To reinforce financial stability, the Central Bank plans to build up protective buffers while closely monitoring global commodity markets, particularly oil and food price trends.

Although recent external price movements in oil and food have not directly impacted Uzbekistan, Ishmetov emphasized that the central bank is carefully assessing potential secondary effects. These transmission channels occur when global price shifts spill over into the domestic economy through increased production costs, heightened inflation expectations, and rising internal consumer prices.

Ishmetov reaffirmed that the central bank will maintain complete operational readiness to take decisive monetary action in either direction to fulfill its primary stability mandate.