Uzbekistan lowers key rate by 100bp
Central Asian country follows Russia in reversing rate increases from start of invasion of Ukraine
The Central Bank of Uzbekistan reduced its policy rate by 100 basis points at its July 21 policy meeting, to 15%. This is the second consecutive time the central bank has cut its main rate and the move continues the reversal of a 300bp hike ordered on March 17.
The moves parallel recent Russian monetary policy decisions. The Bank of Russia sharply hiked its policy rate from 9.5% to 20% at the end of February, then gradually reversed this in a series of decisions between April and June
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