Uzbekistan has no plans to issue new banknotes or carry out a redenomination of the national currency, Central Bank Chairman Timur Ishmetov said at a press conference in Tashkent on January 28.
Ishmetov stated that the Central Bank’s primary objective remains achieving its inflation target, stressing that discussions on redenomination or new currency denominations are not on the agenda at this stage. He noted that any such decisions could only be considered after inflation is brought under control.
At the same time, the regulator is studying public and business concerns related to cash circulation through surveys. According to Ishmetov, this research is aimed at understanding current usage patterns rather than preparing immediate policy changes. The Central Bank is assessing which banknote denominations are used more frequently and which are in lower demand, emphasizing that future decisions must be based on detailed analysis.
Ishmetov also pointed out that structural changes in the economy are already affecting demand for cash. As an example, he cited the transition to cashless payments in Tashkent’s public transport system, which has reduced demand for certain banknote denominations. He said the Central Bank will continue to monitor whether similar factors emerge in other sectors, but reiterated that no changes to currency issuance are currently planned.
Earlier reports show that on January 28, 2026, the Central Bank kept its key policy rate unchanged at 14%, maintaining tight monetary conditions to support the ongoing decline in inflation while closely monitoring economic growth, exchange rate dynamics, and domestic demand.
