Central Bank keeps key rate at 14% but raises inflation forecast for this year
The Central Bank has left the rate at 14% per annum and raised the inflation forecast for 2026 to 7%; GDP is expected to grow by approximately 8%.
The Central Bank of Uzbekistan has decided not to change the key rate, which remains at 14% per annum. The regulator attributed this to high domestic demand and persistent inflation risks, including external pressure on food and energy prices.
In September, annual price growth reached 6.4%. Inflation in the services sector stood at 7%, while the core indicator remained unchanged at 5.5%. Public inflation expectations declined to 8.7%, and business expectations to 9.2%.
Over the first nine months of 2026, the economy grew by 8.3%. The Central Bank forecasts that by the end of the year, GDP will increase by around 8%, and inflation will be close to 7%. The regulator expects to reach the target level of 5% by the end of 2027. The next meeting on the key rate will be held on 16 December 2026.
