On March 16, the Board of the Central Bank of Uzbekistan decided to reduce the main rate by 1% to 14% per annum, the press service of the Central Bank reported.
The economy began to observe a downward trend in inflation after its peak values, the Central Bank noted. At the same time, according to the regulator, signals of the negative impact of tough external financial conditions on domestic economic activity are beginning to appear.
Setting the main rate at 14% per annum with a downward trend in the inflation forecast (8.5-9.5%) will also ensure the preservation of moderately tight monetary conditions, the regulator believes.
Recall that the previous rate of 15% was set in July 2022, then it decreased from 16% approved in June. In mid-March 2022, it was increased for the first time since 2018, and immediately by 3% – from 14 to 17%.