Chairman of the Central Bank of Uzbekistan Timur Ishmetov stated on June 13 at a plenary session of the Senate of the Oliy Majlis that the regulator does not plan to administratively influence deposit and loan interest rates. The statement came during the presentation of the Central Bank's report on its 2025 activities.

Senator Odiljon Mamatkarimov noted that according to the Central Bank's report, the average interest rate on time deposits in national currency was 21.8% in January-June 2025, declining to 20.6% by year-end. Despite the decline, real interest rates relative to inflation expectations remained positive at 9.1%, and deposit volumes grew significantly.

Senator Jamila Bobonazarova highlighted that the average interest rate on loans to individuals in national currency stood at 23.6% at the end of 2025, down 0.9 percentage points from 2024. She emphasized that the real cost of credit resources remains high.

Ishmetov stressed that the Central Bank does not target deposit rates; its primary goal is to reduce inflation and inflation expectations. High real deposit rates encourage savings and curb consumption, which helps contain inflationary pressures.

He explained that loan rates are determined by inflation, inflation expectations, resource costs, and financial risks, and the Central Bank will not intervene administratively. The key to sustainable lower loan costs is systematic reduction of inflation.

The Central Bank head also outlined priorities such as continuing transformation of the banking system, developing the capital market, and enhancing competition. Digital solutions and improved risk management are expected to further contribute to lowering credit costs.

Source: www.gazeta.uz