Uzbekistan policy interest rate
The Central Bank of the Republic of Uzbekistan's policy rate — the principal monetary policy instrument, the rate around which the CBU's operational corridor for short-term interbank rates (benchmarked to UZONIA, the overnight reference rate) is built. Set by the Board (Правление) of the Central Bank at eight scheduled meetings a year, in pursuit of a 5% medium-term inflation target.
| Current value | 14 percent |
|---|---|
| In force from | 2025-03-24 |
| Official source | Central Bank of the Republic of Uzbekistan — press release of 20 March 2025, «At the meeting on March 20, 2025, the Board of the Central Bank decided to raise the policy rate by 0.5 percentage points to 14 percent per annum» (headline inflation 10.1% y/y in February 2025; household inflation expectations 15.3%, business 13.8%). Level reaffirmed without change at every subsequent meeting, most recently 17 June 2026: «the Board of the Central Bank decided to keep the policy rate unchanged at 14 percent per annum». Effective date 24.03.2025 is the date the CBU itself publishes beside the rate on cbu.uz («Основная ставка 14% с 24.03.2025» / «Policy rate 14% from 24.03.2025») |
| Last verified | 2026-07-24 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
DIRECTION CHECK — the brief said not to assume direction, and the answer is that there has been NO movement for sixteen months: the last change was an INCREASE (13.5% → 14.0%) on 20 March 2025, and every one of the nine meetings since has been a hold (24 Apr 2025, 12 Jun 2025, 11 Sep 2025, 24 Oct 2025, 11 Dec 2025, 28 Jan 2026, 18 Mar 2026, 29 Apr 2026, 17 Jun 2026). Uzbekistan is NOT a high-nominal-rate/high-inflation pair like its Central Asian neighbours: 14% is held against annual inflation of 6.4% (June 2026), i.e. a real policy rate near 7.5 pp, which the CBU describes as deliberately tight. EFFECTIVE-DATE TRAP — the DECISION date and the EFFECTIVE date differ. The Board decided on Thursday 20 March 2025 but the CBU publishes the rate as running «с 24.03.2025» (Monday 24 March; 21 March was Navruz and 22–23 the weekend). The pattern is next-working-day commencement: the 25 July 2024 cut is published by the CBU's own financial-literacy site (finlit.uz, a CBU property) as «с 26 июля 2024 года» — the Friday after the Thursday decision. Use the decision date only if you want the announcement, not the applicable rate. Press releases themselves carry no commencement clause, so the effective date has to be taken from the rate widget on cbu.uz. NEXT DECISION: 29 July 2026 — five days after this confirmation, and the June statement softened its guidance (easing conditional on «a sustained decline in inflation expectations, limited secondary effects from tariff adjustments, and an improvement in the core inflation outlook»), so this value is at material risk of changing within a week. 2026 meeting calendar: 28 Jan, 18 Mar, 29 Apr, 17 Jun, 29 Jul, 16 Sep, 28 Oct, 16 Dec (https://cbu.uz/en/monetary-policy/refinancing-rate/schedule-of-meetings/). Do not confuse the policy rate with the legacy «ставка рефинансирования» wording that still appears in the CBU's own URL path (/monetary-policy/refinancing-rate/) — the instrument was renamed and the page is about the policy rate. ACCESS NOTE: the CBU policy-rate landing page publishes the history only as an .xlsx download («Динамика основной ставки»), not as HTML; press-release IDs differ between the /en/ and /ru/ trees and are not sequential; pre-2025 releases live under /press_center/releases/ while 2025+ releases live under /monetary-policy/publications/press-releases/, and the paginated list does not reach back to 2023.
Earlier values
| From | Value | Source |
|---|---|---|
| 2023-03-17 | 14 | CBU — level of 14% in this window confirmed by the press rel |
| 2024-07-26 | 13.5 | CBU — press release of 25 July 2024: «At the meeting on July |
Get it programmatically
curl https://asiaref.dev/v1/uz/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/uz/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/uz/policy-rateOther Uzbekistan series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates