TASHKENT, Uzbekistan, February 11. The Netherlands-based ING Group expects the Central Bank of Uzbekistan to consistently ease the country’s policy rate throughout 2026–2027, Trend reports.
According to ING, the central bank is expected to maintain the policy rate at 14% during the first quarter of 2026, before embarking on a gradual easing cycle. The rate is forecast to decrease to 13% in the second quarter and 12% by the third quarter, stabilizing at that level through the year’s end.
Looking ahead to 2027, the policy rate is projected to continue its downward trajectory, reaching 11.75% in the first quarter, followed by further reductions to 11.5% in the third quarter and 11% by the fourth quarter.
In a notable development, the Central Bank reduced the policy rate to 13.5% in July 2024, marking the first time in seven years that the rate dipped below the 14% threshold. However, the rate was subsequently raised back to 14% in March 2025, where it currently remains.