The Board of the Central Bank of Uzbekistan decided on December 11 to keep the key rate unchanged at an annual 14%. The regulator explained this decision as necessary to control inflation and minimize inflationary risks.
In November, annual inflation decreased to 7.5%, which was associated with a slowdown in core inflation to 6.3%. The strengthening of the exchange rate also contributed to stabilization.
A decline in the prices of imported goods helped normalize the growth of non-food item prices. According to the Central Bank's forecasts, inflation is expected to stand at around 7.3% by the end of 2025 and decrease to 6.5% by the end of 2026.
Economic activity remains robust, with increasing demand in the labor market, higher revenues from trade and paid services, as well as a rise in the volume of interbank transactions being observed. By the end of the year, economic growth rates are expected to be around 7–7.5%.
The Central Bank intends to maintain a strict monetary policy to keep inflation at 5%. The next key rate meeting is scheduled for January 28, 2026.
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