The board of the Central Bank of Uzbekistan decided to keep the refinancing rate at 9%, the bank said in a message.
“This level of refinancing rate meets the tasks of holding effective monetary policy aimed at keeping inflation within its target forecast parameters, as well as stimulation of investment activity and the maintenance of high economic growth,” the message said.
As it was previously reported, the refinancing rate was reduced by the central bank from 10% to 9% from January 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%, in 2011-2013 it was at 12%. In early 2014 the central bank set the refinancing rate at 10% per annum.
Uzbekistan’s government plans to keep the inflation at 5.7-6.7% in 2017. (Trend/Business World Magazine)