Loan Rates in Uzbekistan’s Soum Zone Rise for Third Consecutive Month — Central Bank

Tashkent, Uzbekistan (UzDaily.com) — Loan interest rates in Uzbekistan continued to rise for the third consecutive month, according to data from the country’s Central Bank.

In January, the average nominal interest rate on loans in the soum zone, including concessional loans but excluding microloans and credit cards, reached 21.8%, marking the highest level since February 2025.

Short-term loans of up to one year are now offered at 21.6% per annum, up 0.8 percentage points from December and 1 percentage point higher than in January last year.

The rate for long-term loans stood at 21.8%, representing a 0.9% decline compared to January 2025.

For individuals, the average rate was 21.2%, down 0.2% month-on-month and 1.8% year-on-year. Short-term loans for the population are available at 27.2% per annum, while long-term loans are offered at 21.1%.

Meanwhile, loans for legal entities increased to 22.2%, rising 0.6% month-on-month and 0.8% year-on-year. Short-term corporate loans averaged 21.5%, while long-term loans reached 22.7%.

Real interest rates, adjusted for inflation expectations, were 9% for individuals and 10.3% for businesses, increasing by 1.5% and 2.7% respectively over the year.

The average commercial loan rate at the end of January reached 22.8%, up 0.2% from December, though it fell 0.3% year-on-year. Market-rate loans for individuals were offered at 22.1%, with short-term loans at 28.3%. Corporate loans stood at 23.4%, with long-term loans rising to 24% and short-term loans declining to 22.6%. In real terms, commercial loan rates were 9.8% for individuals and 11.3% for businesses.

The concessional loan segment also saw growth: the average rate reached 11.6%, up 1.4% from December. Loans for individuals were offered at 11.9% and for businesses at 11.3%. In real terms, concessional loan rates hit multi-year highs, at 0.6% for individuals and 0.5% for legal entities.

Foreign currency loan rates remained at December levels — 10%, down 0.2% compared to January last year. Short-term foreign currency loans declined to 9.6%, marking a low since October, while long-term loans increased to 10.1%.