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25.01.2023 |
Газпромбанк
At its first meeting this year on Thursday, January 26, we expect the Central Bank of the Republic of Uzbekistan (CBRU) to keep the base rate unchanged at 15% in order to ensure a disinflationary effect and cool down inflationary expectations. Such a decision would be in line with signals provided by the CBRU in December, indicating a need in moderately tight monetary conditions in 2023 in order to bring inflation down to target levels. We believe that this approach would also help maintain the attractiveness of UZS-denominated assets. Given ongoing strong growth in food prices and likely inflationary pressure in the service segment, we expect the tone of the press release to remain neutral.
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