Why is this important
The dynamics of cross-border money transfers and the population’s foreign currency transactions reflect the state of citizens’ income, foreign economic relations, and confidence in the national financial system. The growth of transfers affects the supply of currency in the domestic market and can reduce pressure on the exchange rate. For the regulator, such data serve as an indicator of the stability of the foreign exchange market and the effectiveness of the monetary policy being implemented.
What happened
- Since the beginning of 2025, the volume of cross-border money transfers to Uzbekistan has increased by 25% and reached $17.3 billion.
- The population sold $19.4 billion in foreign currency to banks in January-November, while the purchase of foreign currency amounted to $10.6 billion.
- The difference between buying and selling foreign currency increased to $8.7 billion.
Numbers and facts
- In January-November, individuals sold $19.4 billion in foreign currency to banks, which is 32.8% more than in the same period of 2024.
- In November, the volume of currency sales by the population amounted to $2 billion.
- The purchase of foreign currency by citizens for 11 months increased by 24.7% and amounted to $10.6 billion.
- In November, individuals purchased foreign currencies worth $1 billion.
- The difference between the sale and purchase of foreign currency amounted to $8.7 billion, which is 42.6% more than last year, while according to the results of November, the figure increased by approximately $900 million.
- The total volume of remittances to Uzbekistan for 11 months amounted to $17.3 billion.
- In November, the volume of transfers decreased by more than 20% compared to the previous month and amounted to $1.48 billion, however, it turned out to be 28.1% higher than in November 2024.
- Through international remittances, $2.4 billion was withdrawn from Uzbekistan, which is $157 million less than in the same period last year.
- In November, the outflow of currency through international transfers amounted to about $200 million.
Context
- The growth of transboundary remittances increases the inflow of foreign currency into the economy and expands the supply of currency in the domestic market.
- Significantly exceeding the volume of currency sales over purchases by the population forms an additional currency balance in the banking system.
- Reducing the outflow of currency through international transfers reduces net outflow abroad and maintains the stability of the foreign exchange market.
