Central Bank of Uzbekistan keeps refinancing rate at 12 percent
Uzbekistan, Tashkent, Feb. 5 / Trend, D. Azizov /
The Board of the Central Bank of Uzbekistan has decided to keep its refinancing rate at 12 percent, an official statement of the Central Bank said.
"This decision was made based on the accepted macroeconomic forecast for 2013, in particular, this move targets inflation, as well as ensures the stability of the resource base of commercial banks," the statement said.
The previous change in the refinancing rate was made on January 1, 2011: it was reduced from 14 to 12 percent. The practive of refinancing at 14 percent of annual interest was instated by the Central Bank of Uzbekistan in July 2006.
The inflation rate was seven percent in Uzbekistan in 2012. Inflation of 7-9 percent is expected in 2013.
The Uzbek banking system is currently represented by 30 banks, including three state banks, five with participation of foreign capital, 13 equity and nine private banks.
The aggregate assets of commercial banks increased by 30.2 per cent in 2012 compared to the totals of 2011 - to 35.7 trillion soums, while the total loan portfolio increased by 30.5 percent to 20.4 trillion soums, the aggregate bank capital by 24.3 percent up to 6.2 trillion soums.
The official exchange rate is 2004.36 / $ 1 on February 5