Central Bank of Uzbekistan leaves the refinancing rate unchanged

At its previous meeting, the regulator decided to reduce the policy rate from 16% to 15% per annum.

“This decision is due to the expectation of a more stable bearish inflation forecast trend and maintaining a balance between the goals of ensuring macroeconomic stability and maintaining business activity in the context of economic recovery,” the Central Bank said in a press release.

However, the Central Bank is considering the likelihood of a further reduction in the level of the refinancing rate at the next meetings based on a decrease in the forecast inflation rate. Together with the government, it will take all necessary measures to achieve a constant inflation target of 5 percent by 2023.

Starting January 1, 2020, the regulator introduced the refinancing rate and interest rate band for monetary operations (in the amount of ± 1 percentage point). At the same time, the Central Bank refinancing rate has retained its strength. Its size is equal to the size of the main bet.