In January 2026, the average nominal interest rate on bank deposits in the national currency reached 18.9%, according to the Central Bank of Uzbekistan. Compared to December 2025, the figure increased by 0.5 percentage points, which was the first monthly increase since August last year, although in annual terms, the yield on deposits decreased by 0.6 points.
Short-term deposits up to one year increased to 17.5%, long-term deposits — to 19.2%, while the yield in these segments decreased over the year. For individuals, the average rate was 20.6%, down 1.6 points compared to January 2025, and deposits of legal entities showed a yield of 16.3%, slightly decreasing over the month and year.
In real terms, interest rates on deposits of the population increased to 8.4%, on deposits of businesses — to 5%, which is associated with a decrease in inflation expectations. Foreign currency deposits maintained a yield of 4.7%, while interest rates on short-term foreign currency deposits rose to 3% for the first time since June, and long-term deposits remained unchanged. Individuals received 5.1% on foreign currency deposits, which is 0.5 points higher than the December figure.