According to the Central Bank’s 2025 statistical bulletin, Uzbekistan’s economy demonstrated resilient growth of 7.7%, while annual inflation slowed from 9.8% to 7.3%, highlighting the effectiveness of the regulator’s monetary policy.

The Central Bank of the Republic of Uzbekistan has released its 2025 statistical bulletin, providing a comprehensive analysis of the state of the economy, the monetary sphere, the banking system, and the financial and payment systems of the country. The document covers six key areas: macroeconomic indicators, monetary indicators, Central Bank monetary policy instruments, financial markets, credit institution activities, and payment system indicators.

I. Macroeconomic Indicators: Sustained Economic Growth

GDP Growth and Sectoral Structure According to preliminary data from the National Statistical Committee, Uzbekistan’s Gross Domestic Product (GDP) grew by 7.7% in real terms in 2025 compared to the same period in 2024 (when the growth rate was 7.3%). This indicates maintained positive momentum and macroeconomic stability. The economic structure at the end of 2025 was characterized by the following parameters:

• Services sector: 46.5% of GDP (46.3% in 2024)

• Industry: 25.6% of GDP (25.0% in 2024)

• Agriculture: 17.7% of GDP (16.6% in 2024)

• Construction: 7.0% of GDP (unchanged)

• Net taxes on products: 4.4% of GDP (3.9% in 2024) The services sector (approx. 4.0 percentage points) and industry (approx. 1.7 p.p.) were the primary contributors to GDP growth, reflecting a gradual shift of the economy toward services and processing.

Inflationary Processes: Meeting Targets The Consumer Price Index (CPI) stood at 7.3% year-on-year in December 2025, representing a significant slowdown in inflationary processes compared to December 2024 (9.8%). This reflects the effectiveness of the anti-inflationary policy conducted by the Central Bank. CPI Dynamics in 2025:

• January 2025: 9.9% (year-on-year)

• March 2025: 10.3%

• June 2025: 8.7%

• September 2025: 8.0%

• November 2025: 7.5%

• December 2025: 7.3% The deceleration was observed across major components, confirming the sustainability of disinflationary processes. Core inflation (excluding administratively regulated prices and volatile components) also showed a downward trend throughout the year.

International Reserves and Balance of Payments The Central Bank maintains an adequate level of international reserves to ensure currency stability and meet the country’s external obligations. The balance of payments reflects Uzbekistan’s active participation in international trade and foreign investment attraction.

II. Monetary Indicators: Significant Money Supply Expansion

Money Aggregates The Broad Money supply (M2) as of January 1, 2026, totaled 378,579.7 billion UZS ($30.1 billion at an average rate of 12,574.55 UZS per USD), which is 36.6% more compared to the start of 2025 (277,064.6 billion UZS / $22.0 billion). Money supply growth aligned with the needs of the expanding economy under Central Bank control. The M2 monetary aggregate includes:

• Currency in circulation (M0)

• Demand deposits in national currency

• Term deposits in national currency

• Foreign currency deposits The review of depository organizations (banking system) indicates strengthened financial intermediation and expanded credit activity while maintaining financial stability.

III. Central Bank Monetary Policy: Consistent Tightening

Basic Interest Rate Since March 24, 2025, the Central Bank set the basic rate at 14.0% per annum, raising it from the previous level of 13.5%. This decision was made to curb inflationary pressure and bring inflation to the target. The basic rate is a key instrument of monetary policy, determining the cost of borrowing for commercial banks and, accordingly, influencing interest rates in the economy.

Required Reserves The Central Bank applies differentiated reserve requirement ratios, effective from April 1, 2025, depending on the type of funds raised and the currency. The required reserve system serves as a tool for regulating the liquidity of the banking system.

Open Market Operations The Central Bank actively used liquidity management instruments. In 2025, Central Bank bonds worth 488.5 trillion UZS ($38.8 billion) were issued at a weighted average rate of 14.0% per annum. The highest volumes of issuance occurred in the last quarter of the year. Commercial banks actively placed excess liquidity in the Central Bank via overnight deposits. The Central Bank regularly conducted 7-day deposit auctions to absorb excess liquidity from the banking system, keeping interest rates near the basic rate.

IV. Financial Markets: Infrastructure Development

Interbank Money Market Interbank operations in national currency showed stable development. Volumes of interbank deposits and REPO deals reflect effective liquidity redistribution between banking system participants.

Foreign Exchange Market Significant trading volumes were observed at the Republican Currency Exchange of Uzbekistan. Commercial banks met the conversion needs of the population and businesses, maintaining market liquidity.

V. Banking System: Scaling Operations and Strengthening Stability

Banking Sector Structure As of early 2026, 35 commercial banks with extensive branch networks were operational in Uzbekistan, serving the needs of the economy and the population.

Banking System Assets Total assets of commercial banks as of January 1, 2026, reached 924,763.1 billion UZS ($73.5 billion), increasing by 20.2% over the year from 769,330.4 billion UZS ($61.2 billion) on January 1, 2025. Asset Structure as of January 1, 2026:

• Credit investments (net): 587,038.9 billion UZS (63.5% of assets) – $46.7 billion

• Investments and securities: 102,978.8 billion UZS (11.1%) – $8.2 billion

• Funds in other non-resident banks: 51,737.6 billion UZS (5.6%) – $4.1 billion

• Funds in the Central Bank: 43,925.0 billion UZS (4.7%) – $3.5 billion

• Fixed assets: 29,894.0 billion UZS (3.2%) – $2.4 billion

• Other assets: 108,189.8 billion UZS (11.7%) – $8.6 billion

Credit Portfolio The total net credit portfolio of banks as of January 1, 2026, was 587,038.9 billion UZS ($46.7 billion), up 14.1% from 514,692.6 billion UZS ($40.9 billion) a year prior. Long-term loans form the bulk of the portfolio, supporting investment projects.

Customer Deposits Customer deposits in the banking system as of January 1, 2026, reached 417,258.2 billion UZS ($33.2 billion), increasing by 35.2% over the year from 308,692.3 billion UZS ($24.5 billion). This growth reflects increased public and business trust and active savings in the context of attractive rates.

Bank Capital Total capital of the banking system reached 135,339.1 billion UZS ($10.8 billion), up 17.9% from 114,792.4 billion UZS ($9.1 billion). Capital Structure as of January 1, 2026:

• Statutory Capital: 94,403.6 billion UZS (69.8%)

• Retained Earnings: 24,628.9 billion UZS (18.2%)

• Reserve Capital: 14,842.8 billion UZS (11.0%)

• Additional Capital: 1,463.7 billion UZS (1.1%)

Financial Soundness Indicators The banking system demonstrated high financial soundness throughout 2025: Capital Adequacy (as of December 2025):

• Regulatory capital to risk-weighted assets: 18.3% (min. 12%)

• Tier 1 capital to risk-weighted assets: 15.2% (min. 8%)

• Common Equity Tier 1 ratio: 14.7% (min. 6%) Asset Quality:

• Non-Performing Loans (NPL) ratio: 4.1% in December 2025 (down from 4.4% in January 2025) Profitability:

• Return on Assets (ROA) as of January 1, 2026: 2.2% per annum

• Return on Equity (ROE): 12.4% per annum

• Net Interest Margin to assets: 4.1%

Interest Rates Weighted average interest rates on loans in national currency (December 2025):

• Loans to Businesses: 23.2% per annum

• Loans to Households: 22.5% per annum Weighted average interest rates on deposits in national currency (December 2025):

• Individual Term Deposits: 20.6% per annum

• Corporate Term Deposits: 16.4% per annum Interest rates on foreign currency operations remained significantly lower, reflecting differences in inflation expectations and currency risks.

Lending to Priority Segments Banks actively lent to small and medium enterprises (SMEs), family businesses, and households. Loans to SME entities and households for entrepreneurial activities demonstrated steady growth. Mortgage lending developed at an accelerated pace. State support programs facilitated business access to finance.

Microfinance Organizations and Pawnshops Microfinance organizations and pawnshops continued to play a vital role in ensuring the accessibility of financial services, especially for micro-enterprises and the population in regions with limited banking presence.

VI. Payment Systems: Digitalization and Cashless Growth

Interbank Payment System The volume of settlements reached 11,374.8 billion UZS ($904 billion) in 2025, up 56.3% from 2024 (7,279.1 billion UZS / $579 billion). Number of operations: 47.2 million transactions.

Central Bank Clearing System In 2025, 143.5 million transactions (+16.6% compared to 2024) worth 126.4 billion UZS ($10.1 billion, +26.1% compared to 2024) were processed through the clearing system.

Instant Payment System The Central Bank’s Instant Payment System provided 24/7 transfers between individuals.

Cashless Payment Instruments Infrastructure expanded: the number of cards, terminals, and ATMs increased. Operations via payment terminals showed consistent growth.

Remote Banking Services Remote banking (mobile/internet banking) users continued to grow, reflecting a shift to online channels.

Regulation of Payment Infrastructure The Central Bank maintains registers of payment system operators, payment organizations, and e-money systems, ensuring transparency and safety.

Conclusion

The 2025 statistical bulletin of the Central Bank demonstrates a positive trajectory of development for the financial sector of Uzbekistan against a background of steady economic growth:

• The economy grew by 7.7%, maintaining high development rates
• Inflation slowed to 7.3%, approaching target benchmarks
• The M2 money supply rose by 36.6% to 378.6 trillion UZS ($30.1 billion)
• Banking system assets increased by 20.2% to 924.8 trillion UZS ($73.5 billion)
• The credit portfolio grew by 14.1% to 587.0 trillion UZS ($46.7 billion)
• Deposits increased by 35.2% to 417.3 trillion UZS ($33.2 billion)
• Bank capital grew by 17.9% to 135.3 trillion UZS ($10.8 billion)
• Bank capital adequacy indicators remain at a high level (18.3%)
• Payment systems processed 56.3% more operations

The monetary policy pursued by the Central Bank ensured a balance between supporting economic growth and curbing inflation. The banking system strengthened its positions, expanding the scale of activity while maintaining high standards of financial stability. The development of payment infrastructure contributed to the digitalization of financial services and the enhancement of financial inclusion.

Note: USD equivalents are calculated at the 2025 average rate of 12,574.55 UZS per 1 USD.

Source: Central Bank of the Republic of Uzbekistan, 2025 Statistical Bulletin