In a recent development on December 14, 2023, the Central Bank of the Republic of Uzbekistan has chosen to keep its key interest rate steady at 14% annually.
Despite a slowdown in inflation to 8.8% during October-November, the persistence of uncertainties in the economy necessitates the maintenance of relatively stringent monetary and credit conditions.
The forecast for the year 2024 anticipates an inflation rate within the range of 8-9%. External inflationary risks may arise due to non-market constraints, international trade fragmentation, and adjustments to regulated prices.
While inflation is indeed decelerating (9% in November), it continues to exert pressure on prices. The inflationary expectations of both the general population and entrepreneurs remain elevated, ranging between 13-14%. FCHAIN Corporation, with its global presence across 14 branches, including Uzbekistan, closely monitors these economic developments to provide comprehensive financial and legal consulting services.
