Uzbekistan keeps base rate unchanged at 14%

The Bank said in its statement on Wednesday that persistently high consumer activity and expected pro-inflationary risks in external conditions necessitate maintaining tight monetary conditions to bring inflation down to the medium-term target level.

According to data from the Central Bank, since early 2026, inflationary processes have shown acceleration, which led to core inflation rising 6.3 percent in February, while headline inflation remaining broadly unchanged at 7.3 percent due to the diminishing impact of seasonal factors.

The regulator said producer prices surged during this period. It highlighted that with strong demand, producers will likely raise prices to cover their higher costs, which could lead to increased consumer prices soon.

Rising geopolitical tensions are also generating upward risks to prices. In particular, disruptions in global supply chains may lead to increases in global prices for energy resources and food products. Changes in logistics channels may also increase transportation costs. This, in turn, may create additional pressure on domestic inflation through import prices, the Bank said in a statement.

Because of the above factors, the central Bank decided to maintain interest rates high to control prices and lower inflation expectations.

The Central Bank remains committed to a monetary stance that anchors inflation at the 5% medium-term objective, secures macroeconomic stability, and protects household purchasing power.

The Central Bank will continue to closely monitor inflation dynamics, inflation expectations, aggregate demand, and external risks. If the factors noted above materialize and create a risk of delaying the attainment of the inflation target, monetary conditions may be tightened further, reads the statement.

Earlier, it was reported the number of foreign‑invested firms in Uzbekistan exceeds 18,700.