The Central Bank of Uzbekistan left its key policy rate unchanged at 14% at its September 2026 meeting, thereby maintaining tight monetary conditions as inflation continued to ease but remained above the 5% target. Annual inflation slowed to 6.2% in August, while core inflation stood at around 5.5%.
Although inflation expectations have moderated, the central bank emphasized that persistent price pressures, together with the ongoing liberalization of regulated prices, could still generate secondary inflationary effects.
Domestic demand remained robust, supported by retail trade, services, and investment. At the same time, some components of aggregate demand showed signs of stabilizing, and credit growth continued to moderate gradually.
The central bank reaffirmed that tight monetary conditions are necessary to contain inflationary risks and expectations and to ensure that inflation moves steadily toward the 5% target by the end of 2027.
