The Central Bank held its rate at 14% after November headline inflation declined to 7.5%, while revising the end-2025 forecast to 7.3%.
The Central Bank kept Uzbekistan’s policy rate at 14% per annum on 11 December. Headline inflation had declined to 7.5% year on year in November and core inflation to 6.3%, widening the gap between the nominal policy rate and contemporaneous inflation.
The Bank revised its end-2025 inflation forecast down to 7.3% and projected around 6.5% for end-2026. It expected full-year 2025 real economic growth of 7–7.5%; both growth and year-end inflation figures were forecasts at the decision date.
The combination of disinflation and a 14% rate increased ex-ante real yields and supported UZS savings. For borrowers and fixed-income investors, it also shaped refinancing timing, duration exposure and the prospect of later easing towards the 5% medium-term target.
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