29.04.202606:21:26UTC+00Uzbekistan Holds Benchmark Rate at 14%

The Central Bank of Uzbekistan left its key policy rate unchanged at 14% at its April 2026 meeting, maintaining a tight monetary stance in the face of persistent inflationary pressures. Headline inflation eased to 7.1% in March, but the pace of disinflation has slowed due to ongoing domestic price pressures and external factors. Inflation is projected to moderate to 6.5% by the end of the year, partly reflecting base effects.

Policymakers highlighted mounting external risks stemming from geopolitical tensions, including higher oil and food prices and increased logistics costs, which could amplify imported inflation. At the same time, economic activity remains robust: GDP expanded by 8.7% in the first quarter of 2026, supported by strong performance in services, construction, and trade. Solid investment inflows, including foreign direct investment, continue to underpin growth, prompting an upward revision of the 2026 GDP forecast to 7–7.5%.

The central bank indicated it will keep monetary conditions tight to anchor inflation expectations and affirmed its readiness to raise rates further if inflation risks intensify.