According to the Central Bank data, average rates for bank deposits in national currency increased to 17.6% per annum in June, up from 17.1% in May. This was the first increase since February. Nevertheless, the nominal yield on sum deposits remains 2.2 percentage points below the level of June last year, when the average rate was 19.7%.
The most noticeable growth over the month was seen in deposit rates for terms up to one year, which rose from 14.7% to 15.4%. However, compared to June 2025, these rates decreased by 3.4 points. The average yield on deposits held for more than one year remained almost unchanged at 18.1% per annum, which is 1.8 points lower than last year's figure.
The average rate on sum deposits for individuals continued its downward trend, reaching 19.2% per annum in June—the lowest level since March 2021. Over the last month, this indicator decreased by 0.4 points, and over the year—by 2.1 points. The largest drop was recorded among short-term population deposits: rates on deposits up to one year fell from 17.4% to 16.6% per annum, which is 3.9 points less than in June of the previous year. Regarding long-term population deposits, banks offered an average of 19.6% per annum, compared to 19.9% in May and 21.5% a year earlier.
The average rate on sum deposits for legal entities slightly increased in June, reaching 15.3% per annum compared to 15.2% in May. However, compared to June last year, there was a decrease of 2.6 points. The yield on corporate deposits for terms up to one year increased to 14.8% from 14.3% in May; a year earlier, the average rate was 18%. Conversely, rates on long-term business deposits decreased from 15.9% to 15.5% per annum, which is 2.3 points less than in June 2025.
Average rates on foreign currency deposits in June fell to 4.5% per annum after a sharp rise to 5.5% in May. Year-on-year, this indicator remained almost unchanged, as it was 4.6% in June last year. The decrease was mainly due to short-term foreign currency deposits, whose average yield dropped from 5.4% to 3% per annum. Rates on deposits for periods over one year decreased less noticeably—from 5.7% to 5.5%, but remained 0.7 points higher than in June 2025.
For the population, the average yield on foreign currency deposits was 5.3%, virtually unchanged over the month, although it rose by 0.5 points compared to June last year. Short-term foreign currency deposits for individuals fell to 2.7%, while long-term ones rose to 5.7% per annum. The average yield on foreign currency deposits for legal entities decreased from 5.6% in May to 3.8% in June, which is 0.5 points lower than the June figure last year. For short-term business foreign currency deposits, rates fell from 5.5% to 3.1%, and for long-term ones—from 6.3% to 4.9% per annum.
The real yield on population's sum deposits, calculated as the nominal rate minus inflation expectations, was 8.3% in June. This figure was 0.4 percentage points lower than the May level but exceeded the June figure last year by 1.1 points. For legal entities, the real rate in June rose to 4.9% from 4.7% in May, but compared to June 2025, it decreased by 0.5 percentage points.
Thus, despite the fall in the nominal yield on population deposits, their real yield is still higher than a year ago. The situation is the opposite for businesses: the indicator recovered slightly over the month but still lags behind the level from a year ago. Previously, the Institute of Fiscal Analysis at the Ministry of Economy and Finance proposed introducing a tax on interest income for individuals from bank deposits at a rate of 5%. According to the developers of this initiative, such a measure could bring about 1.4 trillion UZS annually to the budget. However, economists warn that this proposal could undermine confidence in the banking system, reduce citizens' interest in saving in sums, and stimulate the transfer of some funds into foreign currency, gold, or real estate, calling into question the stated budget revenue.
The Central Bank of Uzbekistan presented a financial stability review for 2025, according to which the level of dollarization in both loans and deposits in the country's banking system continued to show a downward trend.
At the beginning of 2026, the share of loans issued in foreign currency accounted for 39% of the total loan portfolio of banks. During the reporting year, this share decreased by almost four percentage points. Similarly, the share of deposits attracted in foreign currency fell from 25% to 21% of the total deposit portfolio.
The Central Bank emphasizes that the reduction in the share of loan dollarization helps reduce risks associated with exchange rate changes. When the local currency weakens, payments on foreign currency loans are expressed in a larger number of soms, which could potentially worsen the financial position of borrowers and increase the number of non-performing loans.
Despite the decrease in the percentage share of foreign currency operations in overall portfolios, their actual volume in dollar terms increased. By the end of 2025, the balance of loans in foreign currency grew by 11% in dollar terms, and foreign currency deposits grew by 21%. The pace of this growth also accelerated: the annual increase in foreign currency loans increased by eight percentage points compared to 2024, and the increase in deposits by 19 percentage points.
Thus, the reduction in the level of dollarization only reflects a smaller share of foreign currency in rapidly growing loan and deposit portfolios, but does not mean a decrease in the actual volumes of foreign currency requirements and liabilities. The Central Bank warns that the growth of foreign currency loans expands credit risk, which may manifest when the exchange rate changes. The growth of foreign currency deposits, in turn, may increase liquidity risks, as depositors may transfer their funds to foreign assets if the opportunity for free international investment arises.
By the end of the year, the difference between the foreign currency requirements and liabilities of the banking system increased to 4 trillion soms. According to the Central Bank's estimates, the expansion of this gap signals a possible increase in bank losses if currency risks materialize. Nevertheless, the overall currency position of banks remained within established norms. On January 1, 2026, the ratio of net open foreign currency position to regulatory capital was 2.7%, which, in the opinion of the Central Bank, indicates the banking system's sufficient ability to cover potential losses from currency risks.
Previously, the Chairman of the Central Bank, Timur Ishmetov, noted that the de-dollarization of the economy—the reduction in the share of foreign currency deposits and loans—is one of the positive results of increasing confidence in the national currency. Since 2018, the share of deposit dollarization has fallen from 41.2% to 20%, and for loans—from 54.3% to 37.4%.
