BAKU, Azerbaijan, Oct. 23
By Klavdiya Romakayeva - Trend:
The Central Bank (CB) of Uzbekistan kept the refinancing rate at 14 percent per annum in order to maintain positive real interest rates, Trend reports citing CB.
The Central Bank maintains the inflation forecast at the end of the year at the level of 11-12.5 percent, and together with the Government will take all necessary measures to achieve it.
Subsequent decisions on the level of the base rate will be made based on the formation of the actual and forecast inflation dynamics, as well as the assessment of internal and external risks.
The annual inflation rate in September of this year amounted to 11.7 percent. At the same time, in September, there was a certain acceleration of inflation after a significant slowdown in price growth in the summer.
In September 2020, the inflation rate has relatively accelerated compared to August. The acceleration in inflation was mainly due to the recovery in demand after the lifting of restrictions, seasonal factors, and the rise in prices of some basic goods.
There was a trend towards a gradual recovery of economic potential and a revival of economic activity in 3Q2020.
The volume of cash receipts in the form of proceeds or other income in September increased by 23.2 percent compared to the previous month (by 5.9 percent compared to January of this year). The average daily growth rate in October is 6.3 percent compared to September.
The weighted average rates on loans in national currency in September fell to 19.8 percent per annum. The weighted average rates of bank deposits of individuals in national currency in September formed at the level of 17.3 percent, for legal entities - 14.8 percent.
In the coming months, the probability of the prevalence of pro-inflationary risks in the economy remains low. The main risks are associated with the spread of the pandemic, the scale of restrictive measures, and the speed of recovery of business activity in countries.
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