Uzbekistan's central bank keeps key rate unchanged at 13.5%

Tashkent, Uzbekistan - 17 September 2023

The Central Bank of Uzbekistan (CBU) has kept its key rate unchanged at 13.5% at its latest monetary policy meeting, citing continued elevated inflation and geopolitical uncertainty.

The decision was in line with market expectations, as most analysts had predicted that the CBU would hold rates steady at this meeting.

The CBU said in a statement that its decision was based on an assessment of the current economic situation and inflation outlook. The bank noted that inflation remains elevated, despite some moderation in recent months.

The CBU said that it will continue to monitor inflation and economic developments closely, and that it stands ready to adjust its monetary policy stance as needed.