Following the meeting of the Board of the Central Bank of the Republic of Uzbekistan held on 17 June 2026, the key rate was kept unchanged at 14% per annum.
This decision was made based on an assessment of inflation trends, domestic demand dynamics, and external economic conditions, and reflects the continuation of a monetary policy aimed at bringing inflation down to the 5% target level.
According to the Central Bank, annual inflation declined to 5.5% in May 2026, while core inflation stood at 5.7%. Updated forecasts indicate that overall inflation is expected to reach around 6.5% by the end of 2026, while economic growth is projected to remain within the 7–7.5% range.
The Central Bank also noted that the increase in energy tariffs introduced in June may have a short-term impact on inflation.
Maintaining the key rate at 14% provides greater certainty for issuers in planning their funding strategies. At the same time, corporate bonds remain an attractive investment option for investors, offering higher yields compared to bank deposits.
The next meeting of the Central Bank’s Board to review the key rate is scheduled for 29 July 2026.