Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan will continue to pursue a tight monetary policy until the decline in inflation becomes sustainable and the rate approaches the 5% target.
Central Bank Chairman Timur Ishmetov made the statement on 18 September in Tashkent at the International Forum on State Asset Management.
Inflation in Uzbekistan has been steadily declining. It stood at around 20% in 2018 and approximately 10% two years ago, while the current rate has reached 6.2%.
According to the Central Bank’s forecast, average inflation in 2026 will be around 6.5%. Next year, the regulator expects the rate to decline further to the target level of 5%.
“This is significant progress, but we are not finished yet. Achieving this goal will remain a key priority of monetary policy and will be critical to maintaining confidence in the economy and ensuring sustainable long-term growth,” Timur Ishmetov said.
The Central Bank’s policy rate currently stands at 14% per annum. The regulator does not plan to ease monetary conditions until disinflation becomes sustainable.
“We are keeping the policy rate at 14% and intend to maintain tight monetary conditions until disinflation becomes sustainable and we achieve our target,” the Central Bank chairman said.
At the same time, Uzbekistan’s economy continues to grow at a high rate. In the first half of 2026, it expanded by 8.5%. According to Ishmetov, continued investment, population growth and economic reforms contributed to this performance.
The Central Bank chairman also noted that rapid growth and the continued opening of the economy increase requirements for its ability to withstand external shocks.
“An economy that is growing and opening up at such a pace must be able to absorb shocks that it did not create itself. This is where reserve management comes to the forefront,” Timur Ishmetov said.
