World Bank Document

Uzbekistan experienced a much larger external shock during 2014-15. While the 2011-

13 external shock resulted in reduced exports due to lower external demand, 2014-15 saw a larger 

downturn, accompanied by a much sharper decline in remittances compared to 2011-13.

3

 For 

example, during 2015, remittances fell by 40 percent yoy in US dollar terms. According to the 

official CPI, inflation declined from 6.1 percent (yoy) in December 2014 to 5.6 percent in 

December 2015, while according to the IMF-estimated CPI, inflation fell from 9.8 percent in 

December 2014 to 9.3 percent by the end of 2015. From December 2014 to December 2015, the 

official nominal Som/US$ exchange rate has gradually depreciated by 16 percent, while the 

Russian ruble depreciated by 30 percent and the Kazakh tenge by 86 percent over the same period.  

10. 

In response to the worsening external environment, the government used its fiscal buffers 

to mount a significant counter-cyclical response which succeeded in maintaining a high rate of