In line with the resolution, the refinancing rate set at 14% APR. The bank said the refinancing rate was not changed based on main directions of monetary policy for 2009 and actual and expected inflation rate.

The Central Bank reviewed refinancing rate last time on 11 April 2009 and kept it at 14% APR level.

Uzbekistan saw inflation of 3.6% in the first half of 2009 compared to 3.4% in the same period of 2008, the State Statistics Committee said.

Food prices increased 3.7% in the half compared to 1.8% in January-June 2008, nonfood prices rose 1.3% versus 2.9% and the cost of services grew 6.5% compared to 10.3%.

Average monthly inflation totaled 0.6% in the half, which is on par with last year’s levels.

Uzbekistan saw inflation of 7.8% in 2008.