FX.co ★ Uzbekistan Holds Key Rate at 14%

The Central Bank of Uzbekistan kept its key interest rate unchanged at 14% in November 2026, sustaining a tight monetary policy in response to ongoing inflationary pressures. Annual inflation quickened to 6.4% in September from 6.2% in August, while core inflation reached 5.5%. Policymakers remain wary of strong domestic demand and uncertainty in global food and energy markets, both of which could intensify price pressures. Although inflation expectations have eased somewhat, the overall outlook still calls for a cautious approach. The Central Bank forecasts inflation to be around 7% by the end of 2026, slowing further towards its 5% target by late 2027. Meanwhile, economic activity has remained robust, with GDP expanding by 8.3% year-on-year in the first nine months of 2026. The decision to leave borrowing costs unchanged underscores the Bank’s commitment to reducing inflation while safeguarding macroeconomic stability.