Uzbek Central Bank keeps refinancing rate at 10%

Photo: Uzbek Central Bank keeps refinancing rate at 10% / Uzbekistan

Tashkent, Uzbekistan, May 1

By Demir Azizov- Trend:

The board of the Uzbek Central Bank decided to keep its refinancing rate at 10 percent, the central bank said on April 30.

"This decision was made proceeding from the actual and expected inflation rate, as well as target parameters of the monetary indices set for 2014," according to a 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 regulator 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 was has been held by the Central Bank of Uzbekistan since January 2011. Then a refinancing rate was 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.

Earlier, the inflation hit 6.8 percent in Uzbekistan, according to the official statistics. In 2014, the government plans to keep inflation within 6 -7 percent.

There are 27 commercial banks, including three state, four - with foreign capital, 11 - joint stock, as well as nine 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 2,280.28 soums/$1 on May 1.

Translated by NH
Edited by CN

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