BAKU, Azerbaijan, June 11
By Ilkin Seyfaddini - Trend:
The Board of the Central Bank of Uzbekistan's has decided to leave the interest rate unchanged at 15 percent per annum on June 11, 2020, Trend reports citing the bank.
"This decision is conditioned by the expectation of a more stable downward inflation trend and the preservation of a balance between the goals of ensuring macroeconomic stability and maintaining business activity in conditions of economic recovery," the report says.
At the same time, the Central Bank is considering the possibility of further reduction of the interest rate level at the next meetings based on the reduction of the forecasted inflation rate and will continue to take all necessary measures together with the government to achieve a constant inflation target of five percent by 2023.
Earlier, Uzbek Economic Development and Poverty Reduction Minister Jamshid Kuchkarov told Ozbekiston 24 TV channel that Central Bank of Uzbekistan is going to reduce the interest rate for the second time in a row by one percent.
Previously, the bank cut the interest rate by one percentage point and set it at 15 percent per annum.
The change of the rate was adopted taking into account a downward revision of inflation forecast amid a slowdown in economic activity amid falling external and domestic demand.
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