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The Central Bank of Uzbekistan kept its key policy rate unchanged at 14% at its July 2026 meeting, maintaining a tight monetary stance aimed at bringing inflation down to its 5% target amid strong domestic demand and persistent price pressures. Annual inflation accelerated to 6.4% in June, driven mainly by higher regulated energy tariffs and the liberalization of coal prices, while core inflation remained steady at 5.7%.
The central bank left its 2026 inflation forecast unchanged at 6.5%, citing robust domestic demand, second-round effects from tariff adjustments, and ongoing external uncertainties. At the same time, the economy continued to show resilience, with GDP expanding by 8.5% in the first half of the year, supported by vigorous consumer spending, strong investment demand, and sustained inflows of foreign direct investment.
The central bank reiterated that current monetary conditions are sufficiently tight to contain inflationary pressures and anchor inflation expectations, while it will continue to calibrate its policy stance to safeguard price stability.
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