The Central Bank of Uzbekistan left its benchmark interest rate at 14% in November 2026, maintaining a tight monetary stance amid persistent inflationary pressures. Annual inflation accelerated to 6.4% in September, compared with 6.2% a month earlier, while core inflation stood at 5.5%. Policymakers remain concerned about robust domestic consumption and uncertainty surrounding international food and energy prices, which could add to price pressures. Despite some moderation in inflation expectations, the overall outlook continues to warrant caution. The Central Bank projects inflation at approximately 7% by the end of 2026, with a further slowdown towards its 5% objective by the end of 2027. At the same time, economic growth remained strong, with GDP increasing 8.3% year-on-year in the first nine months of 2026. The decision to maintain borrowing costs unchanged reflects the Bank's continued focus on bringing inflation down while preserving economic stability. source: Central Bank of Uzbekistan

The benchmark interest rate in Uzbekistan was last recorded at 14 percent. Interest Rate in Uzbekistan averaged 28.07 percent from 1994 until 2026, reaching an all time high of 300.00 percent in March of 1995 and a record low of 9.00 percent in January of 2015. This page provides the latest reported value for - Uzbekistan Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Uzbekistan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2026.

The benchmark interest rate in Uzbekistan was last recorded at 14 percent. Interest Rate in Uzbekistan is expected to be 14.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Uzbekistan Interest Rate is projected to trend around 13.00 percent in 2027 and 12.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-29 06:20 AM Interest Rate Decision 14% 14% 14.0%
2026-09-16 07:15 AM Interest Rate Decision 14% 14% 14.0%
2026-11-04 06:00 AM Interest Rate Decision 14% 14% 14.0%
2026-12-16 06:00 AM Interest Rate Decision 14%


Related Last Previous Unit Reference
Deposit Interest Rate 13.90 14.70 percent Aug 2026
Foreign Exchange Reserves 63625.20 66588.56 USD Million Oct 2026
Interest Rate 14.00 14.00 percent Nov 2026
Lending Rate 22.20 21.40 percent Aug 2026


Uzbekistan Interest Rate
In Uzbekistan, interest rate decisions are taken by the Central Bank of Uzbekistan. The official interest rate is the Refinancing Rate.
Actual Previous Highest Lowest Dates Unit Frequency
14.00 14.00 300.00 9.00 1994 - 2026 percent Daily

News Stream
Uzbekistan Holds Key Rate at 14%
The Central Bank of Uzbekistan left its benchmark interest rate at 14% in November 2026, maintaining a tight monetary stance amid persistent inflationary pressures. Annual inflation accelerated to 6.4% in September, compared with 6.2% a month earlier, while core inflation stood at 5.5%. Policymakers remain concerned about robust domestic consumption and uncertainty surrounding international food and energy prices, which could add to price pressures. Despite some moderation in inflation expectations, the overall outlook continues to warrant caution. The Central Bank projects inflation at approximately 7% by the end of 2026, with a further slowdown towards its 5% objective by the end of 2027. At the same time, economic growth remained strong, with GDP increasing 8.3% year-on-year in the first nine months of 2026. The decision to maintain borrowing costs unchanged reflects the Bank's continued focus on bringing inflation down while preserving economic stability.
2026-11-04
Uzbekistan Keeps Key Rate at 14%
The Central Bank of Uzbekistan kept its key policy rate unchanged at 14% at its September 2026 meeting, maintaining tight monetary conditions as inflation continued to decline but remained above the 5% target. Annual inflation slowed to 6.2% in August, while core inflation was within 5.5%. Despite easing inflation expectations, the central bank noted that persistent price pressures and the continued liberalization of regulated prices could generate secondary inflationary effects. Domestic demand remained active, supported by retail trade, services and investment, although some components of aggregate demand showed signs of stabilization and credit growth gradually became more moderate. The central bank reiterated that tight monetary conditions were necessary to contain inflation risks and inflation expectations and ensure inflation decline toward the 5% target by the end of 2027.
2026-09-16
Uzbekistan Holds Benchmark Rate at 14%
The Central Bank of Uzbekistan left its key policy rate unchanged at 14% during its July 2026 meeting, maintaining a tight monetary stance to bring inflation to its 5% target amid strong domestic demand and persistent price pressures. Annual inflation accelerated to 6.4% in June, driven mainly by higher regulated energy tariffs and the liberalization of coal prices, while core inflation held steady at 5.7%. The central bank kept its 2026 inflation forecast unchanged at 6.5%, citing strong domestic demand, second-round effects of tariff adjustments, and external uncertainties. Meanwhile, the economy remained resilient, with GDP expanding 8.5% in the first half of the year, supported by robust consumer activity, investment demand, and foreign direct investment inflows. The central bank reiterated that current monetary conditions remain sufficiently tight to curb inflationary pressures and inflation expectations while continuing to shape monetary conditions to ensure price stability.
2026-07-29