Uzbek Central Bank maintains its refinancing rate at 12 percent per annum

Business Materials 5 August 2013 19:04 (UTC +04:00)

Uzbekistan, Tashkent, Aug. 5 / Trend D.Azizov /

The Board of the Central Bank of Uzbekistan has decided to maintain its refinancing rate at 12 percent per annum, the Central Bank said in a statement released on Monday.

"This decision was made based on main directions of the 2013 monetary policy as well as the actual and expected inflation rate," the statement said.

Uzbekistan has been using a floating rate of refinancing since 2000, correctable depending on the dynamics of inflation as well as supply and demand in the money market.

As previously reported, Uzbekistan last changed refinancing rate on January 1, 2011. Then it was reduced from 14 per cent to 12 percent per annum.

The refinancing rate at 14 percent per annum has been maintained by the Central Bank since July 2006.

The banking system of Uzbekistan includes 29 commercial banks, including three state banks, four banks with participation of foreign capital 13 - joint-stock and nine private ones.

In 2012, the total assets of Uzbek banks increased by 30.2 percent to 35.7 trillion soum compared to the totals in 2011, the total loan portfolio - by 30.5 percent to 20.4 trillion soum, the aggregate bank capital - by 24.3 percent to 6.2 trillion soum.

In January-June this year, total assets of commercial banks increased by 3.9 percent to 37.1 trillion soum compared to the totals in 2012, the total loan portfolio of banks in the country - by 4.4 percent to 21.3 trillion soum, the total volume of deposits increased by 1.3 percent to 23.1 trillion soum, the aggregate bank capital increased by 1.6 percent to 6.3 trillion soum.

The Gross Domestic Product (GDP) of Uzbekistan in January-June rose by eight percent compared with the same period in 2012, industrial production - by 8.2 percent, agricultural production - by 7.3 percent, while the volume of investments from all sources increased by 10.2 percent.

In 2013, the government plans to ensure GDP growth of eight per cent, industrial production - of 8.4 percent, agricultural production - of six per cent, the volume of capital investments - of 9.3 percent. Inflation rate will be kept within seven - nine percent.

The official exchange rate on Aug. 5 is 2107.93 soum / $ 1.