Rising Oil Prices and Logistics Issues Pose Risks to Uzbekistan’s Imports

Tashkent, Uzbekistan (UzDaily.com) — Timur Ishmetov, Chairman of the Central Bank of Uzbekistan, stated in an interview with O’zbekiston 24 that the country’s annual inflation currently stands at 7.3%, exceeding the regulator’s year-end target range of 6–6.5%.

On March 30, President Shavkat Mirziyoyev was briefed on measures to ensure projected economic indicators for the first quarter of 2026 and mitigate the impact of global market instability on the national economy.

During the meeting on first-quarter economic forecasts, the Central Bank highlighted operational steps to reduce the negative effects of global market volatility. The focus was on rising oil and energy prices, as well as disruptions in logistics chains, which may affect the import of food and other goods in Uzbekistan. For certain planned imports, authorities were instructed to identify alternative transportation routes.

The discussion also covered measures to boost domestic production, including the implementation and expansion of food projects in the first quarter of 2026, along with directives to maintain domestic market stability.

In March, the Central Bank left the key policy rate unchanged at 14% per annum. Officials noted an acceleration of inflationary pressures in recent months and a rise in pro-inflation external risks. Should inflation fail to slow as planned, additional monetary tightening may be considered to meet target levels.

Overall, rising global energy prices and logistics disruptions present added risks to Uzbekistan’s imports, emphasizing the importance of developing domestic production and diversifying supply sources.