In June, the average rate on bank deposits in the national currency increased to 17.6% per annum from 17.1% in May, according to the Central Bank of Uzbekistan. This is the first increase since February. However, despite the monthly rise, the nominal yield on som deposits (excluding inflation and inflation expectations) remains 2.2 percentage points below the level of June last year, when the average rate was 19.7%.
Over the month, the most significant increase was recorded for deposits with a maturity of up to one year — the rate rose from 14.7% to 15.4%. However, compared to June 2025, it decreased by 3.4 percentage points. For deposits with a maturity of more than one year, the average yield remained almost unchanged at 18.1% per annum, which is 1.8 percentage points below the previous year's level.
The average rate on som deposits of individuals continued to decline, reaching 19.2% per annum in June, the lowest since March 2021. Over the month, the rate decreased by 0.4 percentage points, and over the year by 2.1 percentage points. The largest decline was observed in short-term household deposits: rates on deposits up to one year fell from 17.4% to 16.6% per annum, which is 3.9 percentage points less than in June last year.
For long-term household deposits, banks offered an average of 19.6% per annum. In May, this figure was 19.9%, and a year earlier it was 21.5%. In June, the average rate on som deposits of legal entities increased slightly, from 15.2% to 15.3% per annum. Compared to June last year, it decreased by 2.6 percentage points. The yield on corporate deposits with a maturity of up to one year increased from 14.3% in May to 14.8%. A year earlier, the average rate was 18%.
Rates on long-term business deposits, on the contrary, decreased from 15.9% to 15.5% per annum, which is 2.3 percentage points below the level of June 2025. In June, average rates on foreign currency deposits decreased from 5.5% to 4.5% after a sharp increase in May. On an annual basis, the indicator remained almost unchanged — in June last year it was 4.6%.
The decline was mainly due to short-term currency deposits. Their average yield fell from 5.4% to 3% per annum. For deposits with a maturity of more than one year, rates decreased less, from 5.7% to 5.5%, but still remain 0.7 percentage points above the level of June 2025. The average yield on household currency deposits was 5.3% per annum and remained almost unchanged over the month. Compared to June last year, the indicator increased by 0.5 percentage points.
Rates on short-term currency deposits of individuals decreased to 2.7%, while long-term deposits increased to 5.7% per annum. The average yield on currency deposits of legal entities decreased from 5.6% in May to 3.8% in June. Compared to June last year, the indicator decreased by 0.5 percentage points. Rates on short-term currency deposits of businesses decreased from 5.5% to 3.1%, and on long-term deposits from 6.3% to 4.9%.
The real yield on som deposits of individuals, i.e., the indicator obtained after subtracting inflation expectations from the nominal rate, amounted to 8.3% in June. This is 0.4 percentage points below the May level, but 1.1 percentage points higher than in June last year. The real rate on deposits of legal entities increased from 4.7% in May to 4.9% in June. Compared to June 2025, the indicator decreased by 0.5 percentage points.
Thus, despite the decline in nominal yield on household deposits, their real yield remains above the previous year's level. For businesses, this indicator, on the contrary, although slightly recovered over the month, is still below the level of a year ago. It is worth recalling that in June, the average rate on som loans decreased to 21.6% per annum — by 0.4 percentage points over the month and by 1.4 percentage points over the year. Loans for businesses became cheaper to 21.8%, reaching the lowest level since October 2023, while rates on consumer loans increased slightly.
Earlier, the Institute of Fiscal Studies under the Ministry of Economy and Finance proposed introducing a 5% tax on interest income of individuals from bank deposits. According to the authors of the initiative, this measure could bring about 1.4 trillion soums of additional revenue to the budget annually. Economists believe that this proposal could undermine confidence in the banking system, reduce interest in saving in soums, and encourage a flow of funds into currency, gold, and real estate. They doubt that the initiative will actually bring the promised 1.4 trillion soums to the budget.
Source: www.gazeta.uz