Central Bank holds the policy rate at 14% and sees 8.7% year-end inflation

The Central Bank kept the rate at 14% as August inflation eased to 8.8% and first-half real GDP growth accelerated to 7.2%.

The Central Bank kept Uzbekistan’s policy rate at 14% per annum on 11 September. The decision maintained restrictive local-currency conditions even as recorded inflation moderated during the summer.

Headline inflation eased to 8.8% year on year in August and core inflation to 7.6%. Real GDP growth reached 7.2% in the first half, while the Bank forecast end-2025 inflation at around 8.7%; the latter was a forecast, not a realised outcome.

The Bank identified remittances, credit, budget spending and investment as drivers of aggregate demand. For fixed-income and bank investors, the hold preserved high nominal UZS yields while stronger activity supported earnings and asset-quality assumptions.

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