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.

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