BAKU, Azerbaijan, Nov. 26
Bu Fakhri Vakilov - Trend:
In Uzbekistan, the refinancing rate will be reduced, said Chairman of Uzbekistan’s Central Bank Mamarizo Nurmuratov, Trend reports citing the Uzbek media.
“In recent years, the refinancing rate in Uzbekistan hasn't decreased, it always went up instead. I think in 6 months the refinancing rate will be reduced. In turn, this will positively affect the credit and depository policies,” Nurmuratov said during a press conference on the main directions of monetary policy for 2020-2022.
On October 19 of this year, the Board of the Central Bank decided to leave the refinancing rate unchanged at 16 percent per annum. The Bank noted that the refinancing rate is acceptable for the economy, when the real interest rates on deposits and loans in national currency are positive.
The decision of the Central Bank was based on the continued dynamics of inflation and inflation expectations and the occurrence of one-time inflationary shocks.
The Central Bank also proceeded from the need to use a prudent approach to further increase interest rates and ensure financial stability of commercial banks, due to some concerns about the growth of loans in foreign currency and increased segmentation of the credit market.
The Central Bank also noted that at present, the refinancing rate is at an acceptable level for the economy when real interest rates on deposits and loans in national currency are positive.
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