FX.co ★ Uzbekistan Keeps Key Rate at 14%

The Central Bank of Uzbekistan decided to maintain its key interest rate at 14% during its meeting on January 28, 2026. This decision was influenced by economic activity surpassing expectations and an ongoing trend of disinflation. In December, headline inflation decreased to 7.3%, aided by a tight monetary policy, a stronger exchange rate, and slower growth in core prices, although inflation in services and the prices of food remain high. A slight uptick in inflation expectations led the bank to continue its restrictive policy, with a projected decline in inflation to 6.5% by the end of the year and a medium-term goal of 5%. The economic performance in 2025 exceeded forecasts, supported by aggregate demand, investment, fiscal expenditure, and remittances. The GDP growth for 2026 is anticipated to be between 6.5% and 7%. The central bank aims to closely monitor variables such as inflation, demand, and external risks to maintain price stability and safeguard purchasing power. Their next policy review is set for March 18, 2026.