Important news in the economic field of Uzbekistan: the country's central bank made a decision of strategic importance for the national economy at its latest meeting. Zamin.uz presents an analysis of the Central Bank's current monetary policy restrictions and expected economic changes for the coming year.
Price Stability: Is Inflation Under Control?
At the meeting held on April 29 of this year, the Central Bank of Uzbekistan decided to keep the main rate unchanged at 14 percent per annum. This decision was made to curb the growth of consumer prices and ensure macroeconomic balance in the country.
According to statistical data, while annual inflation slowed to 7.1 percent in March 2026, the core inflation rate stood at 5.7 percent. Nevertheless, the pace of price reduction still requires caution. According to the plan, overall inflation is expected to slow down to 6.5 percent by the end of the year, while the main goal (target) is to reach the 5 percent mark.
Economic Growth: Higher Than Expected Results
The first quarter of 2026 was extremely productive for the economy of Uzbekistan. Gross Domestic Product (GDP) grew by 8.7 percent in real terms. Such high rates were mainly formed due to the following sectors:
Service sector;
Construction industry;
Internal and external trade relations.
Due to the continued attractiveness of the investment climate, the Central Bank increased the economic growth forecast for the end of 2026 to 7-7.5 percent.
External Risks and Logistics Issues
The escalation of the geopolitical situation in the global market will inevitably affect the domestic market of Uzbekistan. Rising prices for oil and food products, as well as increased transport and logistics costs, may put pressure on domestic inflation through imported goods.
However, there are also positive factors:
High gold prices in the international market;
Stability of export revenues and remittances;
The strengthening of the currencies of our trading partners is supporting the domestic foreign exchange market.
The Fate of Deposits and Loans
What does the Central Bank keeping the main rate at a high level mean for ordinary citizens? First of all, this ensures that interest rates on bank deposits remain attractive. This encourages the population to save their funds and reduces excess demand in the consumer market, thereby stopping price increases.
Dear readers, in your opinion, how will keeping the main rate at 14 percent affect bank loans and deposits? What other measures should be taken to ensure economic stability?
Continue to follow the most important news in the world of economy and finance on the Zamin.uz website. The next meeting of the Central Bank is scheduled to take place on June 17.
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