Central Bank raises key rate to 14%
Uzbekistan's Central Bank raised its base rate from 13% to 14%. We explain what this means for loans, deposits and your wallet.
What happened
The Board of Directors voted on June 20, 2026 to raise the base rate by 100 basis points — from 13% to 14%.
This is the first hike in 8 months. The trigger: inflation accelerated to 10.2% in May, breaching the CBU target band.
In simple terms
Think of the Central Bank as a wholesale money warehouse. When the rate rises, commercial banks pay more to borrow — and pass that cost on to customers.
Mortgages climb from 22% to 23–24%. Deposits rise from 18% to 19–20%. Money gets more expensive for everyone.
This has happened before
In 2022, the CBU hiked from 14% to 17% to combat post-sanction inflation. It took 14 months to unwind.
""My deposit now earns 200,000 UZS more per month — at least there's one upside to a rate hike."
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Source: cbu.uz — CBU press release
What comes next
Analysts expect one more hike of 50–100 bps before end-2026 if inflation does not slow.
What to do
- If you have a variable-rate loan, ask your bank whether payments will increase
- Consider locking in a fixed deposit before banks fully reprice
- Delay major credit purchases by 1–2 months
- Watch the next CBU meeting: September 20, 2026
Disclaimer
This material is for informational purposes only and does not constitute financial advice.