BAKU, Azerbaijan, June 15. Uzbekistan’s Central Bank reported improved financial stability, lower inflation, and stronger banking sector indicators in 2025.
This was reflected in a statement published by the Senate of the Oliy Majlis following the 16th plenary session of the Senate.
According to the Central Bank, its priorities in 2025 were focused on strengthening the resilience of the banking system, mitigating potential financial risks, and enhancing safeguards against cyber threats and fraud in banking and payment operations. The institution also aimed to promote household savings and support the achievement of medium-term inflation targets.
At the same time, the Central Bank notes that last year, particular attention was given to improving the operational framework of monetary policy, strengthening its transmission mechanism, managing liquidity in the banking system more effectively, and ensuring that interest rates in money markets are formed based on market principles.
Consequently, inflation in Uzbekistan declined from 9.8% to 7.3% in 2025, while core inflation decreased from 7.3% to 5.7%, signaling a stabilization of price pressures in the economy.
The Central Bank also reported a significant increase in international reserves, which rose 1.6 times to $66.3 billion by the end of the year. The value of the Bank’s securities portfolio reached $1.5 billion, reflecting active reserve management.
During the year, around 330 trillion soms (about $27.5 billion) in credit resources were allocated to households and businesses to support economic activity.
The share of non-performing loans (NPLs) in the banking system declined to 3% of the total loan portfolio, while coverage of problem loans with provisions increased from 87% to 94%, indicating stronger buffers against potential losses.
The Central Bank noted that banking sector capital adequacy remained strong at 18.3%, while the liquidity coverage ratio stood at 208% and the net stable funding ratio at 120%, underscoring the system’s solid financial position.
The report also highlighted ongoing efforts to improve payment infrastructure, expand cashless transactions, and strengthen cybersecurity measures to reduce risks of cyberattacks and financial fraud.
In the course of the plenary session, officials discussed proposals to further enhance oversight of commercial banks, payment institutions, and payment system operators, as well as measures to strengthen cybersecurity and combat financial fraud.
Following the discussion, the Senate adopted a resolution incorporating the proposed measures.
Overall, the data points to a more stable macro-financial environment, providing a foundation for sustained economic growth while reducing vulnerability to external and internal shocks.
