The Central Bank maintains tight monetary conditions as inflation risks persist.
On 16 September 2026, Uzbekistan’s Central Bank kept its annual policy rate at 14%.
August headline inflation was 6.2%. The regulator cited continuing inflation risks.
Its inflation target remains 5% by the end of 2027.
PIAMG perspective: financing decisions should distinguish the policy-rate signal from a borrower’s actual funding cost. Credit quality, maturity and liquidity remain central to assessing local-currency financing.
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