The Central Bank of Uzbekistan will continue to apply a tight monetary policy until the decline in inflation becomes stable and approaches the target rate of 5%.
Central Bank Chairman Timur Ishmetov made this statement on September 18th in Tashkent during the International Forum on Public Asset Management. Inflation in Uzbekistan is showing a steady decline: it was about 20% in 2018, approximately 10% two years ago, and currently stands at 6.2%.
According to the Central Bank's forecasts, the average inflation in 2026 will be around 6.5%. The regulator expects inflation rates to decrease to the target level of 5% next year.
Timur Ishmetov emphasized that despite significant progress, the work is not yet finished. He noted that achieving this goal will remain the main priority of monetary policy and will be crucial for maintaining confidence in the economy and ensuring sustainable long-term growth.
The current Central Bank interest rate is set at 14% per annum. The regulator does not intend to ease monetary conditions until disinflation becomes stable. The Central Bank Chairman stated that they are maintaining the rate at 14% and plan to keep tight monetary conditions until stable disinflation and the target level are reached.
In parallel, the Uzbek economy continues to grow at high rates: it increased by 8.5% in the first half of 2026. According to Ishmetov, continuous investments, population growth, and economic reforms contributed to this result.
The Central Bank Chairman also pointed out that rapid growth and further opening of the economy increase the requirements for the country's ability to withstand external shocks. He added that an economy growing and opening at such rates must be able to absorb shocks that it did not create, and this is where reserve management comes to the forefront.