The Central Bank left the key rate at the level of 14% per annum
Economy
Overall inflation in 2024 in Uzbekistan is expected at 8-9%, real GDP growth - at 5.5-6%.
At the meeting of the Board of the Central Bank of Uzbekistan on 25 January, the key rate was kept unchanged at the level of 14% per annum. This is reported by the press service of the Central Bank.
It is reported that the level of the main rate was left unchanged, taking into account the expectations formed under the influence of high dynamics of demand in the economy. According to forecasts, inflation is expected to be 8-9% at the end of the year.
The created monetary conditions are aimed at ensuring the trajectory of a steady decline in inflation to the target level of 5%.
"Overall inflation has remained at 8.8% in recent months. Despite the decline in inflation in the group of consumer basket goods, inflation in services slightly accelerated in the last quarter. This shows that there is a likelihood of increased upward pressure from the demand side on inflation," the report said.
Global inflation is expected to continue to slow in 2024 under the influence of tight financial conditions, balancing labour markets and declining commodity price dynamics in the world economy.
Taking into account current and expected economic trends in trading partner countries, it is assumed that there will be no high pressure on the real effective exchange rate of the sum in the coming months.
According to the updated projections of the main scenario, overall inflation in 2024 is expected to be 8-9%, core inflation is expected to be around 7-8%.
It is noted that the scenario of macroeconomic development in the current year will depend on external economic factors and internal factors of macroeconomic stability - the pace of structural reforms, fiscal discipline and the effectiveness of monetary policy.
At the same time, measures are being taken to mitigate potential one-off effects on domestic prices in the coming months from expected changes in some regulated prices, recent excise and value added tax changes.
It is reported that the level of the main rate was left unchanged, taking into account the expectations formed under the influence of high dynamics of demand in the economy. According to forecasts, inflation is expected to be 8-9% at the end of the year.
The created monetary conditions are aimed at ensuring the trajectory of a steady decline in inflation to the target level of 5%.
"Overall inflation has remained at 8.8% in recent months. Despite the decline in inflation in the group of consumer basket goods, inflation in services slightly accelerated in the last quarter. This shows that there is a likelihood of increased upward pressure from the demand side on inflation," the report said.
Global inflation is expected to continue to slow in 2024 under the influence of tight financial conditions, balancing labour markets and declining commodity price dynamics in the world economy.
Taking into account current and expected economic trends in trading partner countries, it is assumed that there will be no high pressure on the real effective exchange rate of the sum in the coming months.
According to the updated projections of the main scenario, overall inflation in 2024 is expected to be 8-9%, core inflation is expected to be around 7-8%.
It is noted that the scenario of macroeconomic development in the current year will depend on external economic factors and internal factors of macroeconomic stability - the pace of structural reforms, fiscal discipline and the effectiveness of monetary policy.
At the same time, measures are being taken to mitigate potential one-off effects on domestic prices in the coming months from expected changes in some regulated prices, recent excise and value added tax changes.
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