The central bank does not exclude the possibility of making additional adjustments to the ongoing monetary policy.

The bank raised the upper level of the rate corridor to 9.25 percent from 9.00 percent and the lower level - to 6.25 percent from 6.00 percent.

"We are committed to strengthening international cooperation and solidarity in the face of this enormous challenge," they said in a joint statement.

The economic situation in Uzbekistan’s major trading partners, sharp fluctuations of their exchange rates, rising commodity and energy prices are increasing macroeconomic uncertainties and risks.

Uzbekistan has been taking steps to develop its capital market and increase the total volume of securities in free circulation to at least 5 percent of the country’s GDP.