Key Policy Rate Remains Unchanged: a positive signal for the Corporate Bond Market

The Central Bank of the Republic of Uzbekistan, at its meeting on April 29, 2026, decided to keep the key rate at 14% per annum. This decision is aimed at continuing a tight monetary policy in order to bring inflation down to the 5% target level, against the backdrop of accelerating economic activity, high aggregate demand, and external uncertainty.

According to the Central Bank, annual inflation fell to 7.1% in March 2026, while core inflation stood at 5.7%. At the same time, inflationary pressures persist, and the pace of price stabilization is slowing.

According to updated forecasts, overall inflation is expected to settle at around 6.5% by the end of 2026. Economic growth is projected at 7–7.5%, driven by increased business activity.

The maintenance of the key rate at its current level is a positive factor for the corporate bond market. Coupon rates on corporate bonds exceed interest rates on bank deposits, which is boosting investor interest in these instruments.