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2026-11-04 15:24:25
[The Central Bank of Uzbekistan Maintains Benchmark Interest Rate at 14%] ⑴ The Central Bank of Uzbekistan will maintain its policy interest rate at 14% at its November 2026 meeting, upholding a tight monetary policy stance amid persistent inflationary pressures. ⑵ The annual inflation rate rose to 6.4% in September from 6.2% in August, while core inflation was 5.5%. ⑶ The Central Bank identified strong domestic demand and volatility in global food and energy markets as the main upside risks to inflation. Despite some easing of inflation expectations, price pressures remain high, prompting regulators to maintain a cautious approach. ⑷ The Central Bank expects inflation to fall to around 7% by the end of 2026, subsequently gradually declining towards its target of 5% by the end of 2027. ⑸ Meanwhile, Uzbekistan's economy grew by 8.3% year-on-year from January to September 2026, reflecting the resilience of economic activity and continued support from domestic demand. ⑹ Maintaining the interest rate indicates that the regulators' primary task is to curb inflation while supporting macroeconomic stability.
