Tashkent, Uzbekistan (UzDaily.uz) — The weighted average nominal interest rate on time deposits in Uzbekistan’s national currency stood at 17.2% in September 2026. This was 2.1 percentage points lower than in September 2025 and unchanged from August, according to the Central Bank of Uzbekistan.
The figure covers all time deposits attracted by banks from individuals and legal entities. The average rate on deposits with maturities of up to one year was 14.2%, down 3.4 percentage points from a year earlier. For deposits with maturities exceeding one year, the rate fell by 1.7 percentage points to 18.1%.
The rate on time deposits held by individuals remained unchanged from August at 18.4%, down 2.9 percentage points year-on-year.
Short-term household savings saw the sharpest decline: the rate on deposits with maturities of up to one year fell by 5.1 percentage points to 15.6%. The rate on long-term deposits held by individuals stood at 18.8%.
For legal entities, the average deposit rate declined by 0.5 percentage points month-on-month and 2.1 percentage points year-on-year to 15%. The rate on their deposits with maturities of up to one year was 13.3%, while deposits exceeding one year carried an average rate of 16.1%.
Meanwhile, real interest rates on deposits in national currency increased. The real rate is calculated by subtracting inflation expectations from the nominal rate and reflects the actual return on a deposit.
According to the Central Bank, relatively high real rates are linked to the stabilisation of inflationary processes in the economy. For individuals, the real rate reached 8.9%, compared with 7.9% in August, and was 0.6 percentage points higher than a year earlier. For legal entities, the figure stood at 5.3%, up 0.4 percentage points year-on-year.
Inflation expectations among the population fell to 8.7% in September, while those of businesses declined to 9.2%. Over the year, they decreased by 3.3 and 2.5 percentage points, respectively.
The average rate on time deposits in foreign currency was 4.4%, down 1.1 percentage points from August and 0.7 percentage points from a year earlier.
The rate on foreign-currency deposits with maturities of up to one year fell to 2.6%, while the rate on longer-term deposits rose to 5.7%.
Foreign-currency deposits held by individuals yielded an average of 5.4%, up 0.3 percentage points year-on-year. The rate on long-term deposits held by individuals reached 5.8%.
For legal entities, the average rate on foreign-currency deposits fell by 2.9 percentage points month-on-month to 2.8%.
The rate on their deposits with maturities of up to one year stood at 2.5%, while deposits exceeding one year carried an average rate of 4.4%.
