The Central Bank of Uzbekistan has kept its key interest rate unchanged at 14%, maintaining its monetary policy stance as annual inflation stood at 6.4% in June and economic growth is expected to reach 7.5–8% in 2026.
The decision was announced following a meeting of the Central Bank's Board on July 29.
According to the regulator, annual inflation reached 6.4% in June 2026, while core inflation remained unchanged at 5.7%. The Central Bank noted that a short-term increase in headline inflation was observed during the month, primarily due to higher energy and coal prices.
The Central Bank maintained its forecast for annual inflation at around 6.5% by the end of 2026. The economic growth forecast also remained unchanged at 7.5–8%.
The regulator stated that its monetary policy will continue to focus on reducing inflation to the medium-term target of 5%, maintaining macroeconomic stability, and preserving the purchasing power of the population.
The next meeting of the Central Bank's Board to review the key interest rate is scheduled for September 16, 2026. During its June 17 meeting, the Central Bank Board voted to leave the key rate unchanged at 14% per annum.
The Central Bank of Uzbekistan has maintained the policy rate at 14% since increasing it from 13.5% in March 2025. The rate had been lowered to 13.5% in July 2024, marking the first reduction below 14% in seven years.
