The Central Bank of Uzbekistan held its key interest rate at 14% in September 2025, aiming to curb inflation and secure medium-term price stability. The country's annual inflation stood at 8.8% in August, compared with July's 8.9%, while core inflation fell to 7.6%. In a statement, the central bank noted robust demand and higher energy costs continue to push services inflation higher. Inflation expectations among households and businesses eased due to seasonal factors and a stable exchange rate, though they remain above headline inflation. The economy grew 7.2% in H1 of 2025, fueled by gains in services, industry, construction, and agriculture, with support from remittances, lending, fiscal spending, and investments. Still, external risks persist, as global disinflation slows, food prices rise, and inflation in trading partners stays above target, heightening risks of imported inflation. The bank projects inflation at 8.7% by year-end and signaled readiness to tighten policy if needed.
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