Fitch Ratings has revised the Outlook on Uzbekistan's Long-Term Issuer Default Rating (IDRs) to Positive from Stable and affirmed the IDRs at 'BB'. A full list of rating actions is at the end of this rating action commentary.

The Central Bank of the Republic of Uzbekistan has released its Monetary Policy Review for the first quarter of 2026, covering January through March. The document presents comprehensive macroeconomic data, revised forecasts, and a detailed assessment of prevailing monetary conditions.

According to the National Statistics Committee of the Republic of Uzbekistan, the first quarter of 2026 demonstrated stable positive momentum across all key forms of territorially organized production and investment attraction.

Short-term and annual CPI dynamics in Uzbekistan continue to demonstrate easing inflationary pressure alongside stability across most key categories of goods and services.

In the first quarter of 2026, Uzbekistan’s foreign trade demonstrates steady growth accompanied by qualitative structural shifts and expanding international partnerships.

In Q1 2026, investment activity in Uzbekistan accelerated amid increasing reliance on foreign financing sources.