TASHKENT, Jun 14 (NNN-UzA) – The Central Bank of Uzbekistan, said yesterday that, it has decided to maintain the key rate at 14 percent per annum.
“In order to curb the impact of changes in energy tariffs on inflation expectations, the Board of Central Bank decided to maintain monetary conditions at a relatively tight level, and leave the policy rate unchanged at 14 percent,” the bank said in a statement.
The statement said that, in the presence of inflationary risks, caused by high aggregate demand and secondary effects from tariff changes, the bank will continue to maintain positive real interest rates in the future, that are sufficient to reduce inflation to the five percent target over the forecast horizon.
In May, the country’s headline inflation accelerated and reached 10.6 percent per annum, following an increase in energy prices for households. Excluding energy prices, the inflation rate was 6.8 percent, which is attributed to a significant seasonal decline in food component, the bank said.
The Central Bank of Uzbekistan has not changed the key rate since Mar, 2023.– NNN-UzA