Uzbekistan’s average interest rate on bank deposits decreased to 19.3% in July, according to data from the Central Bank. The yield on deposits with maturities of less than 12 months fell by 1.4%, reaching a low of 17.4% for the year. Meanwhile, the rate for long-term deposits remained stable at 20.6%.
Household deposit rates achieved a new high for the second consecutive month, reaching 22.1%. This increase was driven by deposits with maturities exceeding one year, where rates rose to 22.4%, up by 0.3%. Conversely, short-term deposit rates decreased by 0.6 percentage points to 20.6%. The average yield on corporate deposits dropped to 16.7%, a reduction of 1.2% following an increase the previous month. Short-term corporate deposits significantly declined to 16.5%, marking the lowest level since November. Long-term corporate deposit rates decreased to 17.1%, down by 0.9%.
Interest rates on foreign currency deposits fell to 4.7% per annum, a decrease of 0.8 percentage points, the first drop since January. Short-term foreign currency deposits experienced a reduction to 3.1%, while long-term deposits saw a slight increase to 6%. Household deposit yields partially recovered, reaching 5.5%, an increase of 0.1 percentage points. Deposits with less than one year of maturities yielded 3.5%, whereas those with maturities of over one year offered a yield of 5.9%.
The yield on corporate deposits fell to 3.5%, the lowest since last spring, mainly due to a decline in short-term deposit rates to 3%. However, interest rates for long-term corporate deposits increased to 7%.
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