The Central Bank maintained its 14% policy rate as May headline inflation fell to 5.5% and core inflation stood at 5.7%. Strong demand, June tariff adjustments and external uncertainty kept the stance tight.
At its 17 June meeting, the Central Bank of Uzbekistan kept the policy rate unchanged at 14% per annum. Annual headline inflation declined to 5.5% in May, while core inflation remained at 5.7%; the regulator attributed much of the headline decline to the fading base effect of the previous year’s energy-tariff increase.
The Bank said retail trade, services, tourism and investment continued to signal strong aggregate demand. It expected the June energy-tariff adjustment to create short-term price pressure and retained forecasts of approximately 6.5% inflation by year-end and 7.0–7.5% economic growth for 2026.
For fixed-income investors and borrowers, the decision maintained restrictive real monetary conditions and a high benchmark for soum funding. A later easing cycle depended on durable declines in inflation expectations, limited second-round tariff effects and a better core-inflation outlook, while global food, energy, logistics and external-financing conditions remained relevant risks.
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