The Central Bank of Uzbekistan held its policy rate at 14% on 28 January, maintaining tight monetary conditions as inflation continued to ease toward the 5% medium-term target. The stance keeps real rates positive and reinforces disciplined conditions for local-currency funding.
Annual headline inflation slowed to 7.3% in December 2025 and core inflation declined to 5.7%. The Central Bank projected end-2026 inflation of about 6.5% and assessed real GDP growth for the year at 6.5–7%.
The Bank noted that the soum appreciated by 6.9% during 2025, helping moderate imported inflation. Keeping the rate at 14% preserves a restrictive policy stance while the regulator works toward its medium-term inflation target of 5%.
Issuers must price debt against a restrictive benchmark and demonstrate sufficient cash-flow headroom, particularly for shorter refinancing cycles. For investors, the pace of disinflation and soum stability will be central to realised real returns.
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