Uzbekistan Central Bank News

Uzbekistan GDP Grows 7.7%, Inflation Falls to 7.3% in 2025

Uzbekistan achieved 7.7 percent real GDP growth in 2025, driven by robust consumption and investment, while headline CPI inflation declined to 7.3 percent year-on-year at end-2025 from 9.8 percent a year earlier. The current account deficit narrowed to 3.9 percent of GDP and international reserves remained ample at approximately 13 months of imports. The IMF Article IV mission projects resilient growth of 6.8 percent for 2026, with inflation expected to reach the CBU's 5 percent target in 2027, and advises maintaining a firmly tight monetary policy stance amid ongoing inflationary pressures.

CBU and IMF Expert Discuss Research Capacity Building

The Central Bank of the Republic of Uzbekistan held a discussion with Marko Skreb, former Governor of the Croatian National Bank and IMF consultant, focused on strengthening the CBU's analytical function and building institutional research capacity over the medium term. The strategy addresses systematizing research processes, enhancing the research environment, developing modern analytical and modelling tools, and integrating research findings more effectively into policy discussions. A series of lectures, presentations, and working sessions with Research Department staff are being conducted to further strengthen analytical capacity and promote knowledge exchange.

Monetary Policy Seminar at Banking and Finance Academy, 16 April 2026

The Central Bank of Uzbekistan held a monetary policy seminar at the Banking and Finance Academy on 16 April 2026, covering the inflation targeting regime, the policy rate as the central monetary instrument, and the transmission mechanism through the banking system. The presentation explained how changes in the policy rate affect lending and deposit rates, business decisions, investment, and household financial behavior with time lags. The seminar emphasized transparency and clear communication as key principles of the inflation targeting framework.