Uzbekistan inflation rate for 2017 is revised upwards to 11-12%, the Central Bank’s director of monetary policy department Ilkhom Norkulov said at a briefing Thursday.
According to official statistics, in 2016 inflation was at 5.7% compared to 5.6% in 2015. This year it was planned to keep inflation within 5.7-6.7%.
"The figure is revised due to the growth in lending [to the economy]. These factors have sparked the hike," Ilkhom Norkulov said.
He added that the forecast was revised due to the factors built in the first half-year. On June 28, the Central Bank raised the refinancing rate from 9% up to 14%.
"Next year, we are targeting an inflation rate below 10%," the Central Bank official concluded.
