To enhance the mechanism for calculating money market interest rate data, the Central Bank has revised the “Methodology for Calculating and Publishing UZONIA Index (Uzbek OverNight Index Average) of the Interbank Money Market” based on international best practices.
UZONIA is a benchmark indicator that reflects the average interest rate of short-term liquidity in the interbank money market. The Central Bank has been calculating and publishing this index since 2022.
During the initial phase of UZONIA’s implementation, the interbank market was largely dominated by deposit operations, therefore, these operations were used as the basis for calculating UZONIA interest rate. However, since the second half of 2023, there has been a notable increase of REPO operations within the interbank money market, along with a growing share of these operations in the total volume.
Specifically, in 2024, the share of REPO operations in the money market accounted for an average of 54 percent of total market, while in the first half of 2025 it increased to an average of 66 percent (72 percent in June).
In light of these structural changes in the money market, the revised methodology uses overnight REPO operations and their corresponding interest rates as the basis for calculating UZONIA interest rate.
The updated methodology was developed in consultation with market participants, reviewed and agreed by the Money Market Working Group.
The Money Market Working Group is a working group established in cooperation with the European Bank for Reconstruction and Development to improve the money market and includes representatives from the Central Bank and all commercial banks.
To ensure that UZONIA continues to accurately reflect actual interbank market conditions and meets the needs of its users, the methodology will be reviewed at least once a year.
The revised “Methodology for Calculating and Publishing UZONIA Index (Uzbek OverNight Index Average) of the Interbank Money Market” will take effect on August 1, 2025.
This methodology is published on the official website of the Central Bank.
