The central bank has kept the key rate at 14 percent per annum
Economy
The Central Bank's key rate, which determines the level of interest rates on deposits and the cost of loans, remained unchanged at 14 percent per annum. The regulator has left the rate unchanged for the second time in a row.
The Central Bank of Uzbekistan has left the refinancing rate unchanged at 14 percent per annum for the second time. The regulator made this decision at a meeting of the Central Bank's Board on June 15, 2023, the bank's press service reported.
According to a press release published after the meeting, in May of this year, overall inflation slowed to 10.4 percent year-on-year, while core inflation declined more slowly and amounted to 12.4 percent.
Weighted average interest rates on term deposits of individuals and legal entities in the national currency amounted to 20.8 percent and 17 percent, respectively, there was an increase in the total amount of term deposits by 1.5 times, including deposits of the population by 1.6 times, compared with the previous year.
The weighted average interest rates on loans in the national currency decreased slightly in May and formed at the level of 22.8 percent. The increase in lending volumes is mainly due to the high growth rates of retail loans. By the end of May, retail loans increased by 1.5 times compared to the corresponding period of the previous year.
Within the framework of the basic scenario of macroeconomic development, inflation is expected to decrease to 8.5-9.5 percent by the end of 2023, with a stronger influence of disinflationary factors than pro-inflationary ones. The next meeting of the Central Bank's Board to review the main rate is scheduled for July 27, 2023.
According to a press release published after the meeting, in May of this year, overall inflation slowed to 10.4 percent year-on-year, while core inflation declined more slowly and amounted to 12.4 percent.
Weighted average interest rates on term deposits of individuals and legal entities in the national currency amounted to 20.8 percent and 17 percent, respectively, there was an increase in the total amount of term deposits by 1.5 times, including deposits of the population by 1.6 times, compared with the previous year.
The weighted average interest rates on loans in the national currency decreased slightly in May and formed at the level of 22.8 percent. The increase in lending volumes is mainly due to the high growth rates of retail loans. By the end of May, retail loans increased by 1.5 times compared to the corresponding period of the previous year.
Within the framework of the basic scenario of macroeconomic development, inflation is expected to decrease to 8.5-9.5 percent by the end of 2023, with a stronger influence of disinflationary factors than pro-inflationary ones. The next meeting of the Central Bank's Board to review the main rate is scheduled for July 27, 2023.
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