The Central Bank of Uzbekistan has decided to keep the key interest rate steady at 14% per annum and raised the inflation forecast to 9–11%, attributing this adjustment to increased energy tariffs. However, the bank views this inflation rise as a one-time effect on the economy. Meanwhile, the GDP growth outlook has been upgraded.

Despite these changes, inflation expectations among consumers and businesses are still high, yet core inflation is expected to decrease, aiming for 7–8% by the end of the year.

The government is proactively implementing measures to boost economic supply and manage inflation. Continuously strict monetary policy is also playing a crucial role in controlling inflationary pressures.

Early data for the first quarter of 2024 indicates that Uzbekistan's economic growth accelerated to 6.2%, primarily driven by the expansion of the service sector, retail, construction, and heightened investment in the manufacturing and mining sectors.
 

Source: gazeta.uz