The policy rate remained 14% per annum. June headline inflation was 9.0% and core inflation 11.3%.
The policy rate remained 14% per annum. June headline inflation was 9.0% and core inflation 11.3%. The CBU projected 2023 GDP growth of 5–6% and year-end inflation of 8.5–9.5%.
Corporate lending in the first half reached UZS 116tn, up 13% year on year. Retail lending expanded about 1.7 times year on year.
The decision paired faster growth expectations with continued restraint, reinforcing the importance of real rates and rapid retail-credit growth in bank and bond analysis.
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