Uzbek Central Bank’s refinancing rate stays at 14percent
Uzbekistan, Tashkent, May 20 / Trend D.Azizov /
The Central Bank of Uzbekistan kept refinancing rate at the level of 14 percent annual, the bank reported.
The Board of the Central Bank of Uzbekistan adopted a corresponding resolution May 11, 2010, the statement read.
The refinancing rate of the Central Bank was unchanged based on main directions of monetary policy for 2010 and actual and expected inflation rate, the bank said.
The refinancing rate at 14 percent per annum was maintained in 2008, 2009 and January-April of 2010 to ease inflationary pressures and devaluation caused mainly by the foreign economic conditions, and control the money supply.
Based on the official statistics, inflation amounted to 7.4 percent in Uzbekistan in 2009 compared to 7.8 percent in 2008.
In addition, the major international financial institutions predict that economic growth will curb problematic inflation.
Earlier, the Asian Development Bank (ADB) changed its GDP forecast growth for Uzbekistan in 2010 by 8.5 percent
According to the ADB, inflation in Uzbekistan in 2010 and 2011 could reach 9.3 percent and 9 percent, respectively, with an account balance of 13 percent of the GDP in 2010, 14 percent of the GDP in 2011.
The International Monetary Fund (IMF) reported that the inflation rate will hit 9.2 percent in 2010 and rise to 9.4 percent in 2011.
According to official statistics, Uzbekistan's GDP in 2009 increased by 8.1 percent compared to 2008, inflation amounted to 7.4 percent, industrial production increased by nine percent, and agricultural products increased by 5.7.
In 2010, Uzbekistan plans to ensure GDP growth by 8.3 percent compared to 2009, industrial output by 8.3 percent and agricultural production by five percent.
Inflation is scheduled to hold at the level of 7-9 percent.
About 30 banks, including three state, five - with the participation of foreign capital, 11 - and 11 equity - private, operate in the Uzbek banking system.
In the first quarter of 2010, the bank's total assets increased by 9,4 percent up to 17.175 trillion soums compared to 2009 , the total credit portfolio - by 11.4 percent to 9.537 trillion suom and the aggregate capital - by 10, 3 percent - up to 3.319 trillion soum as of april,1, 2010.
The official exchange rate is 1575.61 soums to $1 May 20.
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