Why is this important
The growth of bank operations and remittances reflects the increase in labor migrants’ income and the activation of financial flows. A decrease in the share of foreign exchange sources in import financing indicates a strengthening of the national currency’s position and a decrease in the dollarization of the economy.
What happened
- The volume of bank operations for January-September 2025 amounted to $6.2 billion (+24% year-on-year);
- Money transfers in September reached $1.82 billion — a high since the beginning of the year and a 26% increase compared to September 2024;
- In the structure of operations: foreign currency assets, national currency liabilities and swap transactions;
- In January-September 2024, transfers grew from $952 million in January to $1.45 billion in September.
Import financing: A shift towards the national currency
- The share of own foreign currency funds in import financing decreased from 11.4% (January-September 2024) to 11.3% (2025);
- The share of foreign currency purchased in the domestic market decreased from 23.1% to 24% — a slight change in the structure;
- The main part of financing (2025 — 64.7% versus 65.5% in 2024) comes from foreign currency loans and borrowings.
Context
The increase in remittances is linked to the improvement of labor markets in Russia and other countries where Uzbek migrants work. The peak in September ($1.82 billion) reflects the seasonal factor: before winter, migrants send more funds to their homeland.
A decrease in dependence on own foreign currency funds during imports may indicate a more active use of credit lines and external borrowings. This reduces pressure on the foreign exchange market and contributes to the stabilization of the soum’s exchange rate.
