Uzbekistan Central Bank Keeps Key Rate at 14%

Tashkent, Uzbekistan (UzDaily.com) — The Board of the Central Bank of Uzbekistan decided on 18 March 2026, to maintain the main policy rate at 14% per annum. The regulator noted that in recent months, the downward trend in overall inflation has slowed due to rising prices of certain food items, while the general inflation level remains stable.

Since the beginning of the year, the economy has shown accelerated inflationary processes. Core inflation in February reached 6.3% year-on-year, while overall inflation, adjusted for seasonal factors, stood at 7.3%. Continued food price growth is sustaining high inflation expectations among the population.

Strong economic activity is driven by aggregate demand, reflected in retail and wholesale turnover, real estate transactions, and budget execution. These factors support steady growth in industry, construction, and services.

The Board also noted a significant rise in producer prices. In conditions of high demand, production costs may be passed on to final prices, increasing inflationary pressures. Rising geopolitical tensions and disruptions in global supply chains pose additional risks for energy and food prices, as well as higher transportation costs.

On the other hand, stable exchange rates of key trading partners, high gold prices, and sustained growth in export revenues and remittances support the real exchange rate of the national currency. Lending activity is gradually normalizing, and the combination of tight monetary policy with macroprudential measures in consumer credit helps balance aggregate demand.

The Central Bank emphasized that monetary policy will aim to reduce inflation to a target of 5% over the medium term, ensure macroeconomic stability, and preserve household purchasing power. Given existing inflation risks, the regulator reserves the right to further tighten conditions if necessary.

The next policy rate review meeting of the Central Bank Board is scheduled for April 29, 2026.