Based on forecasts of inflation level for 2014 and to stimulate high tempo of economic growth, the Board of the Central Bank of Uzbekistan adopted decision on decreasing the rate of refinancing rate from 12% to 10% APR from 1 January 2014, the press service of the regulator said.

The regulator said that decreasing refinancing rate will reduce interest rates of the banking loans, which will help to improve investment activities in the real sector of the economy.

In particular, the rates on loans, issued to implementation of programmes on modernization, technical and technologic re-equipment of production capacities, develop small businesses and microcrediting, will be decreased. This will help to increase credit investments.

Last time, Central Bank of Uzbekistan changed refinancing rate on 1 January 2011. The bank cut refinancing rate from 14% to 12% APR.