TASHKENT, Uzbekistan, September 15. Average yield on term bank deposits for individuals in the national currency in Uzbekistan reached 21.7 percent in August 2023, having updated the maximum since 2015, thus breaking an 8-year record, Trend reports.
As of September 1, balance of term deposits has increased by 48.3 percent since the beginning of 2023, while deposits of individuals in the national currency in particular increased by 53.5 percent. The rates on accounts for legal entities also showed a slight increase, amounting to 17.1 percent.
The growth rate has significantly accelerated compared to last year, when the volume of deposits increased by only 25 from January through August of 2022 and also slightly exceeded the indicator recorded from January through August of 2021 (45 percent).
The transmission of the current main rate to the money market supports the formation of the price of short-term liquidity at a level of 3-4 percent in real terms. Preserving the short-term liquidity prices at a level of 14 percent will ensure the continuation of a moderately tight monetary policy.
In June 2023, the interest rates on deposits for the population exceeded the mark of 21 percent for the first time in the last eight years and are growing for the third month in a row, while corporate deposit yields have fluctuated since April 2023.
