FX.co ★ Uzbekistan Keeps Key Rate at 14%

The Central Bank of Uzbekistan has decided to keep its key interest rate steady at 14% as of October 24, 2025, in an effort to maintain a firm monetary stance and control inflation. The annual inflation rate slowed to 8% in September, with core inflation at 7%, aided by a stronger soum and a decline in import prices. Food and non-food inflation fell to 6.1%; however, inflation in the services sector remains elevated, buoyed by strong demand. The bank observed that although inflation expectations have decreased, they are still above the current levels. Economic growth remains vigorous, with GDP anticipated to grow between 7% and 7.5% in 2025, fueled by both investment and consumer demand. Nonetheless, challenges such as energy price liberalization and potential supply disruptions continue to pose risks. The bank emphasized that maintaining a tight policy would aid in stabilizing prices and advancing towards its medium-term inflation target of 5%. The next interest rate review is scheduled for December 11, 2025.