Uzbekistan's central bank sticks with benchmark rate of 14%

By bne IntelliNews March 14, 2024

Uzbekistan's central bank on March 14 decided to stick with its key interest rate of 14.0%.

The regulator forecast annual inflation would be 8-9% by the end of this year compared to its inflation target of 5%. Inflation stood at 8.3% in February.

Inflation expectations among the public remained high, noted the central bank. It also observed that services inflation had accelerated in recent months on increased demand and a series of regulated price and tariff hikes.

The central bank added that it expected Uzbekistan's economy to grow at a rate of between 5.5% to 6% in 2024, driven by consumer demand and investments linked to opportunities provided by structural reforms introduced by the government.

The next rate-setting meeting of the central bank is scheduled for April 25.

Related Articles

Administered price hikes will take bite out of Uzbekistan growth, says ADB report

Uzbekistan’s growth rate is forecast to weaken to 5.5% in 2024 from last year’s 6% and 2022’s 5.7%, according to the newly released ... more

EU, Uzbekistan forge partnership aiming to pave way for critical raw material supplies

The European Union on April 5 signed a memorandum of understanding (MoU) with Uzbekistan ... more

Uzbekistan hopes for FDI boost from third annual Tashkent International Investment Forum

Uzbekistan will hope to boost its already surging foreign direct investment (FDI) at the third annual Tashkent International Investment Forum, announced for May 2-3 at Tashkent City Congress Hall. ... ... more