TASHKENT, Uzbekistan, September 12. The Central Bank of Uzbekistan (CBU) announced its decision to maintain the policy rate at 13.5 percent per year in efforts to combat inflation and stimulate economic growth.

The CBU aims to reduce inflation to projected levels by the end of the year and achieve a 5 percent target in the medium term. Despite a flat annual headline inflation rate of 10.5 percent in August, the bank highlighted positive economic indicators such as increased trade revenues, export earnings, and remittances.

Lower prices for fruits and vegetables have helped offset inflation, but core inflation has stabilized since June. The CBU also noted that a reduction in the policy rate earlier in July had led to a slight decrease in interest rates in the money market, ultimately impacting yields in the government securities market.

With upcoming increases in pensions and public sector wages, the CBU anticipates a boost in consumer demand in the following quarters. Overall, the CBU’s decision reflects its commitment to maintaining stable economic conditions while supporting growth.