Uzbek central bank keeps refinancing rate unchanged amid inflation pressure

TASHKENT, April 20 (Xinhua) -- The Board of Uzbekistan's central bank has decided to keep its refinancing rate unchanged at the level of 16 percent annually, the bank said on Saturday.

This decision is based on the need to maintain the current conditions of monetary policy aimed at curbing the inflationary process and consolidating the declining trend of inflation expectations, the regulator said.

Uzbekistan's economic growth would rise to 5.2 percent and inflation would decelerate to 16 percent in 2019, the Asian Development Bank (ADB) said in a report released earlier this month.

However, the country's economy remains challenged by persistent credit expansion, inflation and a widening current account deficit, according to the ADB.