Central Bank: A significant share of the growth in cash receipts in June falls on the sphere of trade and paid services
Tashkent, Uzbekistan (UzDaily.com) -- In April-June 2020, cash circulation in the banking system was formed under the influence of socio-economic processes taking place during the coronavirus pandemic in the country. This was reported by the Central Bank of Uzbekistan.
In particular, the activation of the activities of business entities from the second half of March 2020, as a result of the relaxation of quarantine requirements, had a positive effect on the dynamics of cash turnover through cash departments of banks, the regulator reports.
If in April 2020, the inflow of funds to the banks’ cash offices decreased by about 41% compared with March, then in June compared with April it increased by 85%, reaching 14.6 trillion soums.
However, the indicator for June is much lower than in the pre-quarantine period (in January of this year - 15.8 trillion soums). In the coming months, positive changes are expected due to an improvement in the epidemiological status and easing of quarantine requirements.
A significant share of the growth in cash receipts in June falls on the sphere of trade and paid services - 3.5 trillion soums, and banking services - 1.4 trillion soums. This is explained by the resumption of the activity of trade and service facilities in the green and yellow zones, the easing of the prohibitions on the movement of cars, as well as the growth of payments on loans, deposits and purchases of foreign currency by the population.
In April 2020, there was a decrease in cash spending through cash departments of banks (including ATMs) by 35%, and in June this figure increased by 53% compared to April and amounted to 14.8 trillion. soums.
The expenditure of cash in quarantine remained relatively stable as a result of pension payments, benefits, wages to employees of budgetary system organizations and strategic enterprises that did not suspend their activities.
It should be noted that in June 2020, the total amount of funds transferred to bank cards made up 15.9 trillion soums, of which 6.1 trillion soums cashed by the population.