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Uzbekistan's central bank cuts main rate to 16 pct

TASHKENT, June 9 (Xinhua) -- Uzbekistan's central bank has decided to cut its main interest rate from 17 percent to 16 percent annually amid recovery of the domestic foreign exchange market and foreign exchange inflows, the bank said Thursday.

"Fading out of short-term negative waves from external shocks, stabilization of the domestic foreign exchange market in April-May, the recovery of foreign exchange inflows and growth of fixed deposits in national currency" were taken into account when making the decision, it said.

According to the bank, "short-term negative effects caused by unfavorable economic conditions in (Uzbekistan's) main trading partners are almost behind, and positive dynamics in key economic indicators is observed over the last two months."

By the end of May, the annual inflation rate amounted to 11 percent, within the bank's forecast trajectory.