Central Bank of Uzbekistan Raises Interest Rate
Uzbekistan's central bank raised its main interest rate by 1 percentage point to 15% on Thursday, its second hike this year, to curb rising inflation.
The bank said in a statement that the decision was made at a meeting of its monetary policy committee on Thursday. The bank said that it expects inflation to remain elevated in the coming months due to rising global food and energy prices.
The bank said that it will continue to monitor inflation and take further action if necessary.
The Central Bank of Uzbekistan is responsible for setting the country's monetary policy and overseeing the financial system. The bank is also responsible for managing the country's foreign exchange reserves.
Uzbekistan's economy has been growing steadily in recent years, but inflation has been a concern. The country's annual inflation rate rose to 11.1% in March, the highest level in over two years.
The central bank's decision to raise interest rates is likely to help curb inflation, but it could also slow economic growth. The bank said that it will continue to monitor the situation and take further action if necessary.
The decision by the Central Bank of Uzbekistan to raise interest rates is likely to have a significant impact on the country's economy. The hike is likely to help curb inflation, but it could also slow economic growth. The bank said that it will continue to monitor the situation and take further action if necessary.