Uzbek Central Bank keeps refinancing rate at 12 per cent per annum
Uzbekistan, Tashkent, October 23/ Trend, D.Azizov /
The Board of the Central Bank of Uzbekistan has decided to keep its refinancing rate at 12 per cent, a statement of the country's Central Bank released on Wednesday, 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.
As previously reported, in 2013 the government plans to keep inflation within seven to nine percent. According to figures announced at the government meeting, which summed up the development of the country in January-September 2013, the inflation rate in the reporting period does not exceed the forecast.
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 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 official exchange rate on October 23 is 2168.97 soum / $ 1.