Tashkent, Uzbekistan (UzDaily.uz) — The Board of the Central Bank of Uzbekistan decided at its meeting on 16 September 2026 to keep the policy rate at 14% per annum. Despite continued easing in inflation and signs of more balanced economic dynamics, the regulator noted that certain inflationary risks remain.
Annual inflation slowed to 6.2% in August, continuing its downward trend. Core inflation stood at around 5.5%. At the same time, the rising share of goods and services with annual price increases of more than 5% indicates that persistent price pressures remain.
Inflation expectations among households and businesses also continued to decline, but at a slower pace than overall inflation. According to the Central Bank, this indicates that inflation inertia continues to influence pricing processes.
Positive trends in retail trade, services and investment point to active consumer and investment demand. At the same time, signs of stabilization in some components of aggregate demand have emerged in recent months.
Under the influence of current monetary conditions, the pace of credit growth in the economy is gradually normalizing. Positive real interest rates are also supporting households’ propensity to save.
Among external risks, the Central Bank highlighted high global prices for raw materials, food and energy, which could put pressure on domestic inflation through import, transportation and logistics costs.
The strengthening of the soum’s real effective exchange rate during the year, amid the weakening of the currencies of some major trading partners, is instead helping to reduce inflationary pressure through import prices.
Continued liberalization of regulated prices remains a domestic inflationary factor, which could amplify secondary inflationary effects through production costs and service prices.
The Central Bank considers maintaining tight monetary conditions necessary to prevent these risks from developing into persistent inflationary processes, mitigate their secondary effects and further reduce inflation expectations.
The regulator will continue to monitor inflation and inflation expectations, domestic demand and external economic conditions. Monetary conditions will be maintained at the level necessary to reduce inflation to the 5% target by the end of 2027.
The next meeting of the Central Bank Board to review the policy rate is scheduled for 28 October 2026.
