Uzbekistan to reduce refinancing rate

AKIPRESS.COM - "During the last several years Uzbekistan has never reduced refinancing rate. It was always raised. I think the refinancing rate will be reduced in 6 months. This will produce a positive impact on credit and deposit policy," Central Bank Chairman Mamarizo Nurmuratov told a press conference.
On October 19, the Central Bank of Uzbekistan decided to keep refinancing rate unchanged at 16%. The Central Bank said the rate is at the acceptable for economy level.
"With keeping refinancing rate at the same level, the Central Bank will undertake macroprudential oversight, which is aimed at more cautious approach of banks to crediting with the purpose to address imbalances at the financial market and to ensure financial stability for the national economy," the Central Bank said.