Central Bank of Uzbekistan keeps refinancing rate at 12 per cent

Photo: Central Bank of Uzbekistan keeps refinancing rate at 12 per cent / Uzbekistan

Uzbekistan, Tashkent, May 8 / Trend, D.Azizov /

The Board of the Central Bank of Uzbekistan has decided to keep its refinancing rate at 12 per cent, an official statement of the country's Central Bank said.

"This decision was made based on actual and target inflation rates, as well as the forecast parameters of macroeconomic indicators for 2013," the statement said.

The previous change in the refinancing rate was made on Jan.1, 2011. It was reduced from 14 to 12 per cent.

According to official statistics, the gross domestic product (GDP) of Uzbekistan in 2012 increased by 8.2 per cent compared to 2011, the inflation rate hit seven per cent compared to 7.6 per cent in 2011.

In 2013, the government plans to ensure GDP growth at 8 per cent, industrial production - at 8.4 percent, agricultural production - at 6 per cent, and an increase in capital investments - at 9.3 percent. It is planned to keep inflation within the 7-9 per cent.

The Uzbek banking system is represented by 29 commercial banks, including three state, four - with foreign capital, 13 - joint stock and 9 - private.

In 2012, the total assets of Uzbek commercial banks increased by 30.2 percent up to 35.7 trillion sums, the total loan portfolio by 30.5 per cent to 20.4 trillion sums, the aggregate bank capital by 24.3 percent up to 6.2 trillion sums.

The official exchange rate is 2069.48 sum to $1 on May 8.

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