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Financial News: Uzbekistan Central Bank Leaves Policy Rate Unchanged

Uzbekistan Central Bank Leaves Policy Rate Unchanged

10/27/2022 - 10:27:00 (RTTNews)

(RTTNews) - Uzbekistan's central bank maintained its key interest rate at its October meeting, as inflation remained below its target range despite remaining high.

The board of the central bank made the decision on Thursday to keep the policy rate at 15 percent.

Previously, the rate was lowered by 1.0 percent in July.

Recent data showed that headline inflation eased marginally to 12.20 percent in September from 12.30 percent in August.

Core inflation is higher than headline inflation and increased to 12.7 percent year on year in September, driven by imported inflation.

The bank said that based on current inflationary processes, monetary conditions, the persistent impact of imported inflation, and high uncertainties, the inflation rate at the end of the year is expected to be around 12-12.5 percent and decrease to 8.5-9.5 percent by 2023.

There has been an acceleration of economic activity since the second quarter of the year, and the real GDP growth rate for September of this year was 5.8 percent.

The bank projects real growth of gross domestic product at the end of this year is expected to be within the forecast corridor of 5.2-5.8 percent.

Inflationary factors and risks caused by external and internal economic conditions will be carefully analyzed and appropriate measures will be taken to eliminate them, the bank said in a statement.

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