The Central Bank intends to maintain tight monetary conditions until the decline in inflation becomes sustainable and the rate approaches the 5% target. Central Bank Governor Timur Ishmetov made the statement today at the International Public Assets Management Forum in Tashkent.
According to Ishmetov, inflation has fallen from roughly 20% in 2018 and about 10% two years ago to 6.2% currently.
The Central Bank expects inflation to average around 6.5% for 2026 as a whole, before falling to the 5% target next year.
"This is significant progress, but we are not done yet. Achieving this target will remain a key priority of monetary policy and will be essential to preserving confidence in the economy and ensuring sustainable long-term growth," Ishmetov said.
The Central Bank is holding its rate at 14% per annum. According to Ishmetov, the regulator does not intend to ease monetary conditions until disinflation is firmly established.
"We are keeping the key rate at 14% and intend to maintain tight monetary conditions until disinflation becomes sustainable and we reach our target," he said.
Ishmetov also reported that the economy grew 8.5% in the first half of 2026, attributing the strong growth to continued investment, a growing youth population, and ongoing economic reforms.
At the same time, he noted, rapid growth and further economic opening raise the bar for resilience against external shocks.
"An economy growing and opening at this pace needs to be able to absorb shocks it didn't create itself. That's where reserve management becomes critical," the central bank governor said.
Earlier in his remarks, Ishmetov said international reserves stood at more than $72 billion as of September 1, covering more than a year's worth of imports. The Central Bank plans to continue diversifying these reserves across asset classes, currencies and counterparties.
The International Public Assets Management Forum brought together representatives of asset management firms, central banks, government institutions and international financial organizations in Tashkent, with most discussions held under the Chatham House Rule. Ishmetov urged participants to speak openly about risks tied to gold, the dollar and reserve diversification.
On September 16, the Central Bank's board decided to hold the rate at 14% per annum. Despite falling inflation and signs of more balanced economic momentum, persistent inflationary risks warrant keeping current tight monetary conditions in place, the regulator said.
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