Uzbekistan reduces policy rate by 50bp
Central bank delivers first cut since May 2023
The Central Bank of Uzbekistan reduced its policy rate by 50 basis points to 13.5% on Thursday (July 25), marking its first rate cut since May 2023.
The bank said the decision had been prompted by the “expected inflation dynamics” and “lower pro-inflationary risk”.
Lower food inflation and exchange rate stability had led to a significant reduction in households’ expectations of inflation, the bank said. Core inflation also slowed to 5.9% in June – marking a reduction of 2.6 percentage points since
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