Wednesday, April 29, 2015

Uzbekistan maintains rate at 9%

    Uzbekistan's central bank left its benchmark refinancing rate steady at 9.0 percent, saying this decision was based on economic forecasts, in particular the inflation target, and to ensure a stable resource base for commercial banks.
    The Central Bank of the Republic of Uzbekistan, which cut its rate by 100 basis points in January, last week said the capital adequacy of the country's banking system amounted to 23.7 percent, three times higher than the international standards of 8.0 percent set by the Basel Committee.
    The bank's aim is to raise the total capital of banks to at least 20 percent. The current liquidity of the banking system currently amounts to 24.3 percent, twice the international standards.
    The central bank's inflation target for 2015 is 6-7 percent.
    In 2014 inflation averaged 8.4 percent and is projected to rise to 9.5 percent this year and 9.8 percent in 2016 by the International Monetary Fund.
    The bank's statement was issued on April 28.


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