The press service of the bank said that the Board of the Central Bank adopted a resolution, in line with which the refinancing rate will be decreased from 14% to 12% APR from 1 January 2011.

The decision was adopted taking into account forecasted inflation rate in 2011 and to stimulate economic growth in the country.

The regulator said that decreasing refinancing rate will reduce interest rates in money markets, thus reduction of loans in economy.

In particular, the rates on loans, issued to implementation of programmes on modernization, technical and technologic re-equipment of production capacities, financing of habitation construction in rural areas, support of small and private businesses, will be decreased. This will help to increase credit investments.

As earlier reported, Uzbekistan was announced as the Year of small business and entrepreneurship in 2011.