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Source: UzReport.news
On July 28, the Central Bank Council decided to keep the refinancing rate unchanged at 14% per annum
This decision aims at reinforcing the trend towards lower consumer prices. the attractiveness of deposits in national currency in the context of the persistent potential risks of increasing inflationary pressure during the period of structural changes.
In
Compared with the same period of the previous year, the structure of inflation has changed a lot. In the first half of 2017, food prices contributed most to inflation and, in the first half of this year, growth halved to 4.6%, while tariff growth doubled to 8%.] As a result,
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Despite the general downward trend in prices, the economy is maintaining inflationary pressure relatively This is due to the increase in regulated prices and a significant increase in the price of some staple foods.
Inflationary expectations of the population and enterprises in the short term have tended to decline, while long-term expectations
Money market interest rates in the second quarter of 2018 ranged between 12.7 and 13.1 percent, reflecting a change in the availability of liquidity in the banking system.
The implementation of the new mandatory reserve order has helped to prevent the growth of the liquidity of the banking system badociated with an increase in the external badets of the Central Bank.
yudzheta, to a certain extent, helped contain the growth rates of liquidity and money supply.
The real interest rates on loans have been formed at a positive level, the volume of investment in the economy is growing at an accelerated rate. 19659004] In the first half of 2018, credit investment balances increased by 21.5 percent.
As a result, in the second quarter of 2018, there was an acceleration of growth rates of the money supply compared to the interest rate policy to maintain the attractiveness of deposits in national currency contributed to the pursuit of stronger growth in the volume of savings and term deposits in banks' liabilities, which has increased since the beginning of the year until the end of the year. end of the year. 40 and 27%, respectively
In the context of an increase in the supply of foreign exchange in the second quarter of 2018, the exchange rate of the national currency has been strengthened by 3.1 %.
Economic growth in the countries – major trading partners and favorable conditions for the country's main export positions ensured balanced conditions in the external sector.
In the first half of 2018 sustained economic growth was observed, the basis of which was accelerated the rate of growth of the sphere of services and industrial production.
According to preliminary estimates of the Committee on State Statistics, in
The number of businesses and organizations that grew by 7.3% or 20.7 thousand units for
During the period under review, the volume of capital investment increased by 13.4%. In the context of the high activity observed in the economy, the possible expansion in the second half of 2018 public programs for the development of entrepreneurship, individual sectors and regions can give an extra boost. acceleration of economic growth
In the short term, some increase in inflationary pressures may be badociated with an increase in investment and demand due to the expansion of loans under targeted programs and wage adjustment, as well as the process of liberalizing regulated prices.
Given the fact that the economy remains relatively high in the second half of the year, the Board of the Central Bank the current exchange rate
The central bank will continue to monitor the reality and expected changes
The next meeting of the Central Bank Board to review the refinancing rate is scheduled for the second half of October 2018. [19659030]
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