The Central Bank opted to maintain the key rate at its current level

The Central Bank announced that it would keep the key rate steady at 14 percent, according to a statement from its press service.

According to the statement, the central bank's leadership chose to retain the key rate at its annual level of 14 percent, considering the current monetary and credit conditions to be relatively tight, especially given the upper limits of the revised inflation forecast corridor.

The base rate acts as the foundation for determining interest rates on loans and deposits offered by both state and commercial banks. Consequently, banks adjust their loan and deposit interest rates based on the primary rate set by the Central Bank.

As of February, the average loan rate in Uzbekistan's banks stands at 23.7 percent. Preferential loans are available at rates as low as 14 percent, but only under specific conditions.

It's worth noting that the Central Bank chose to maintain the key rate at its March 14 meeting, as well.