Central Bank holds the policy rate at 14% as inflation reaches 10.3%

Uzbekistan’s Central Bank kept the rate at 14% after March headline inflation reached 10.3%, while retaining an end-2025 forecast near 7–8%.

The Central Bank kept the policy rate at 14% per annum on 24 April. Headline inflation had reached 10.3% year on year in March and core inflation 8.1%, supporting the Bank’s assessment that restrictive monetary conditions remained necessary.

Real GDP grew 6.8% in the first quarter, an observed period figure, while full-year growth was forecast at around 6%. The Bank expected end-2025 inflation near the upper bound of its 7–8% corridor and flagged the May energy-tariff adjustment as a risk.

The hold sustained high UZS funding and discount rates while highlighting regulated-price pass-through. The signal was directly relevant to bond duration, bank margins and credit quality, and cash-flow assumptions for utilities and tariff-sensitive businesses.

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