By Ilkin Seyfaddini – Trend:
BAKU, Azerbaijan, Apr. 17
The Central Bank of Uzbekistan believes that the rise of the US dollar rate did not affect the attractiveness of soum deposits, Trend reports citing the bank
"Today, the average interest rates on deposits in national currency are 20-21 percent. Even if we take into account that the U.S. dollar has risen by 5-6 percent since the beginning of the year, soum deposits remain economically attractive," the report says.
From this point of view, given the further decline in inflation, the attractiveness of soum deposits and the real interest rate on them will remain.
The Central Bank also stressed once again that no restrictions on the purchase and sale of foreign currency were introduced.
At an online briefing on April 15, 2020, during which special attention was paid to the devaluation of the national currency, Chairman of the Central Bank of Uzbekistan said that, neither the Central Bank of Uzbekistan nor the government of the country intends to interfere in the exchange rate in the market.
Earlier, the US dollar and euro rates skyrocketed in Uzbekistan: the dollar rose by 427 soum and now costs 10,121 soum, while the euro rose by 512 soum and costs 11,111 soum.
According to updated forecasts of the Central Bank of Uzbekistan, by the end of 2020 the inflation rate in the country will decrease by one percent against the initial estimates (12-13.5 percent) and will amount to 11-12.5 percent.
The International Monetary Fund (IMF) forecasts a slowdown in Uzbekistan's economic growth to 1.8 percent in 2020. Next year's GDP growth in Uzbekistan is expected at seven percent.
The World Bank predicts that the country's economic growth will slow down to 1.6 percent in 2020. The Asian Development Bank is more optimistic and believes the economy will grow to 4.7 percent. Fitch forecasts economic growth to be two percent.
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