The Central Bank kept the policy rate at 13.5%, forecasting 7–8% year-end inflation and around 6% real GDP growth for 2025.
The Central Bank of Uzbekistan kept its policy rate at 13.5% per annum on 23 January. The decision was a policy hold, not an easing signal, and the Bank said monetary conditions would remain sufficiently tight to restrain price pressures.
Headline inflation was 9.8% year on year in December 2024 and core inflation was 7.2%. The Bank forecast end-2025 headline inflation at 7–8% and projected real GDP growth of around 6%; both figures were forecasts rather than observed 2025 outcomes.
The decision set the opening 2025 reference point for UZS discount rates, deposit competition and loan pricing. It also anchored the risk-free curve used to assess government securities, corporate borrowing costs and local-currency asset valuations.
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