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Uzbekistan Central Bank Holds Rate at 12.00%

The Central Bank of the Republic of Uzbekistan held its refinancing rate unchanged at 12.00%.  The Bank noted: "According to the primary directions of the monetary policy for 2011, as well as the actual and expected inflation level, the bank kept its refinancing rate unchanged,".  The Bank last reduced the refinancing rate by 200 basis points to 12.00% from 14.00% in late December 2010.  Uzbekistan reported annual inflation of 7.3% in 2010, compared to 7.4% in 2009, meanwhile inflation is forecast to be between 7-9% this year.  The Eurasian Development Bank is forecasting economic growth of 7.8% for Uzbekistan, and 4.5% GDP growth for the CIS region.