Republic of Uzbekistan: 2026 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2026 Issue 152

Publication date: June 2026

ISBN: 9798229048927

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Topics covered in this book

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Finance , Inflation , Economics- Macroeconomics , Public Finance , Inflation , Financial sector stability , Gold prices

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Summary

Uzbekistan entered 2026 from a position of economic strength, reflecting sustained reform efforts, favorable terms of trade, robust investment, and strong inflows of income and capital. Fiscal and external positions have improved, providing an opportunity to entrench macroeconomic stability, rebuild buffers, and lock in recent disinflation gains. At the same time, policies must navigate a challenging environment characterized by strong domestic demand, higher energy prices, and elevated global uncertainty.