Uzbekistan aims to reduce inflation to 7 percent in 2026

As of November 1, 2025, the annual inflation rate had declined to 7.8 percent, compared to 10.2 percent a year earlier. Authorities now plan to bring inflation down to 7 percent in 2026 and maintain it at around 5 percent by 2027.

To achieve these targets, the government will focus on stimulating the supply of goods and services in the domestic market. In particular, commercial banks are expected to expand financing for projects in the agricultural sector, food industry, and services.

During the meeting, President Mirziyoyev stressed the importance of ensuring price stability for essential food products and instructed relevant officials to take all necessary measures.

To sustain high growth rates and employment, the volume of loans issued by commercial banks to the economy will reach UZS 450 trillion next year.

The president was also informed about the implementation of earlier instructions to support micro, small, and medium-sized enterprises (MSMEs). Since the beginning of the year, entrepreneurs have received UZS 116 trillion in loans, a 1.4-fold increase compared to last year.

Under the “neighborhood-based employment” approach, the business initiatives of 89,000 citizens have been supported with loans totaling UZS 1.1 trillion. This figure is expected to reach 100,000 beneficiaries by the end of the year.

In 2026, Uzbekistan plans to continue reducing poverty and promote entrepreneurship among the population. The government aims to increase lending to MSMEs to UZS 140 trillion and support an additional 100,000 new business projects.

President Mirziyoyev emphasized that creating a stable financial environment, strengthening public trust in the banking system, and fostering healthy competition in the financial market should remain the core priorities of the country’s financial and banking policy.

Officials were instructed to take additional measures to curb inflation, encourage entrepreneurship, and reinforce Uzbekistan’s macroeconomic stability.