Uzbekistan's central bank has held its key rate at 14 percent, judging it too early to cut while demand stays strong and inflation risks linger.
Uzbekistan's central bank has held its key rate at 14 percent, judging it too early to cut while demand stays strong and inflation risks linger.
The bank raised its end-2026 inflation forecast from 6.5 to 7 percent, citing strong demand, possible energy price rises and planned increases in some regulated prices. It still aims to bring inflation down to 5 percent by the end of 2027.
At the same time it lifted its 2026 growth forecast to 8 percent. The economy grew 8.3 percent in the first nine months of the year, but the bank says fast growth and rising incomes are pushing demand ahead of what producers can supply.
Why it matters: Tashkent is choosing to keep money tight even while the economy booms. For households that means borrowing stays expensive a while longer, and for investors it means the bank is serious about protecting the som, not just cheering the growth headline.
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