Central Bank Of Uzbekistan Reveals Level Of Policy Rate
Date
7/25/2024 5:33:33 AM
(MENAFN- Trend News Agency)
TASHKENT, Uzbekistan, July 25. The Central Bank
of Uzbekistan (CBU) decided to reduce the policy rate to 13.5
percent per year, Trend reports.
According to the CBU, the policy rate has decreased by 0.5
percentage points compared to the previous 14 percent per year.
The bank noted that the reduction of the policy rate was due to
the downward trend in core inflation and inflation expectations,
lower headline inflation, and relatively tight monetary
conditions.
“Core inflation continued its downward trend, reaching 5.9
percent in June and decreasing by 2.6 percentage points since the
beginning of the year. This is attributed to the fact that the
secondary effect of energy tariff changes was lower than expected,
thus signaling the probability of a continuation of the downward
trend in inflation in the future,” the CBU stressed.
The CBU stressed that in June, headline inflation amounted to
10.6 percent year-on-year, with a substantial decline in the
persistent inflation components as well as fruit and vegetable
prices. Also, price dynamics in the external markets continue to
have a downward impact on imported inflation.
Earlier in June, the bank kept the level of the policy rate in
Uzbekistan unchanged (14 percent per year) and projected the
macroeconomic development indicators and year-end inflation will be
within the framework of the baseline scenario forecast.
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