The German bank underlined that fashion trends are set in Milan or Paris but the monetary policy winds blow from Tashkent.

The Uzbekistan Central Bank set the tone for 2015 with the year’ first interest rate cut. From 1 January 2015, the Central Bank cut refinancing rate from 10% to 9% APR.

“Since then half the G20 has followed, including Australia and China this week. Markets are enthralled,” the German bank added. Deutsche Bank named new trend as “Tashkent trend”.