Uzbek Central Bank keeps refinancing rate at 10%

Photo: Uzbek Central Bank keeps refinancing rate at 10%

 / Economy news

Tashkent, Uzbekistan, July 29

By Demir Azizov- Trend:

The board of the Uzbek Central Bank has decided to keep its refinancing rate at 10 percent per annum, the Uzbek Central Bank said on July 29.

"This decision was made proceeding from the tasks, set in the main directions of monetary policy for 2014, as well as the actual and expected inflation rate for the current year," according to the statement.

The floating refinancing rate, correctable depending on the dynamics of the inflation rate, the supply and demand on the money market has been used in Uzbekistan since 2000.

It was previously reported that the Uzbek central bank has lowered the refinancing rate from 12 percent to 10 percent per annum since January 1, 2014.

A refinancing rate at 12 percent per annum has been held by the Central Bank of Uzbekistan since January 2011. Then a refinancing rate reduced from 14 to 12 percent per annum. A refinancing rate at 14 percent per annum has been held by the Central Bank of Uzbekistan since July 2006.

It was earlier reported that the inflation hit 6.8 percent in Uzbekistan in 2013, according to the official statistics. In 2014, the government plans to keep inflation within 6 -7 percent.

There are 27 commercial banks, including 3 state, 4 - with foreign capital, 11 - joint stock, as well as 9 private in the Uzbek banking system.

The total assets of Uzbek commercial banks increased by 30.3 percent - to 43.9 trillion soums, the total loan portfolio - by 29.9 percent (to 26.5 trillion soums). The aggregate bank capital increased by 4.8 percent - to 6.5 trillion soums in 2013.

The official exchange rate is 2 328,16 soums/$1 as of July 29.

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