Uzbekistan

Uzbekistan central bank maintained rates at 14% as inflation slowed in recent months, with March and April registering 11.7% and 11% YoY, respectively. The decline is partly due to base effects, but inflationary expectations are trending downward. The central bank anticipates year-end inflation at 8.5-9.5% and has upgraded its 2023 GDP forecast to 4.5-5%.