Uzbekistan Holds Rate at 14%, Signals 2027 Cuts Possible

Uzbekistan's central bank kept its policy rate at 14.00% and struck a more hawkish tone than September, citing higher inflation and GDP forecasts that push rate cuts into 2027 at earliest. The shift narrows near-term easing scope but preserves longer-term cut optionality. No direct impact on major FX pairs; peripheral for USD/emerging-market traders.