Tashkent, Uzbekistan (UzDaily.com) — On 24 April 2025, the Central Bank of Uzbekistan decided to keep its key interest rate unchanged at 14.0% per annum. This decision is driven by ongoing uncertainty in inflationary processes and the need to maintain tight monetary conditions.

Since the beginning of the year, inflation has shifted to an upward trend: in March, the overall inflation rate was 10.3%, with the core inflation at 8.1%. Despite some decline in inflation expectations from the population and businesses, they still exceed current figures.

The Central Bank notes that risks related to supply and demand imbalances, as well as external factors, are intensifying inflationary pressures.

It is expected that the impact of the energy price liberalization carried out in 2024 will be exhausted by the end of the second quarter, helping to restrain price growth.

At the same time, the external economic situation remains unstable, with rising global prices and costs.

According to forecasts, by the end of 2025, inflation may approach the upper limit of the forecast corridor of 7-8%.

Economic growth in the first quarter reached 6.8%, and GDP growth for the year is expected to be around 6%, driven by consumption, investments, and cross-border remittances.

The Central Bank declares that it will maintain the current level of tight monetary policy to achieve the inflation target of 5% in the medium term.

The next meeting on the key interest rate is scheduled for 12 June 2025.