Uzbek Central Bank keeps refinancing rate
Tashkent, Uzbekistan, Oct. 27
By Demir Azizov - Trend:
The board of the Central Bank of Uzbekistan decided to keep the refinancing rate at nine percent, the press service of the bank said in a message.
“This decision will make it possible to continue implementing effective monetary policy aimed at keeping inflation within its target parameters and creating favorable financial conditions for rapid economic growth,” the message said.
As it was previously reported, the refinancing rate was reduced by the central bank from 10 to nine percent from Jan. 1, 2015.
Uzbekistan has applied the floating rate of refinancing, corrected depending on the dynamics of inflation, demand and supply in the money market since 2000.
From July 2006 to January 2011, the rate remained at 14 percent, and in 2011-2013 it was at 12 percent. In early 2014, the central bank set the refinancing rate at 10 percent per annum.
Uzbekistan's government plans to keep the inflation at 5.5-6.5 percent in 2016.