Tashkent, Uzbekistan — The Board of the Central Bank of the republic decided to keep the main rate at 14% per annum. The Bank noted that economic activity in 2025 exceeded expectations, while inflation continues to decline, although prices in the services sector remain relatively high.
In December 2025, annual inflation stood at 7.3%, while core inflation fell to 5.7%. The Central Bank emphasized that the current rate is necessary to anchor inflation on a sustainable path. A downward revision is possible if control over monetary conditions is maintained.
The forecast for 2026 assumes inflation at around 6.5%. The regulator also noted that the strengthening of the exchange rate and slower growth in import prices played a key role in reducing price pressure, while monitoring inflation expectations remains a priority.