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Economics | Central Banks

Uzbekistan Implements Tight Monetary Policy to Combat Inflation

Uzbekistan’s economy is undergoing significant transformation under the leadership of President Shavkat Mirziyoyev.

Photographer: Michael Nagle/Bloomberg

By Yuliya Fedorinova | October 7, 2025 at 6:00 AM UTC

Uzbekistan’s central bank has announced a delay in achieving its inflation targets, opting to maintain a stringent monetary policy to control rising prices amid strong economic growth and ongoing regulatory reforms.

As the second-largest economy in Central Asia, Uzbekistan is embracing a more open market approach under President Mirziyoyev. His administration has initiated extensive reforms, including the adoption of a free-floating currency and the elimination of restrictions on capital repatriation. Additionally, efforts are underway to enhance the competitiveness of the energy sector through revised tariffs and subsidy structures.

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Source: Original