Central Bank of Uzbekistan: Cash Turnover Increased by a Quarter in 2025, Share of Cashless Payments Continues to Grow

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan has published a review of cash circulation in the country for 2025, providing a detailed analysis of key trends in this segment of the economy. The report examines cash demand amid growing economic activity, cash flows through the banking system, and the dynamics of cash versus cashless payments.

Special attention is given to the use of bank cards by the population, cash operations through teller counters and ATMs, foreign currency purchases, and withdrawals from deposits. The review also analyzes the share of cash in the money supply and measures to manage cash resources. Overall, the report shows that cash circulation remains stable and meets the needs of the economy, while the share of digital and cashless payments continues to increase.

In 2025, the main priorities in managing cash circulation included ensuring the economy had sufficient cash considering bank inflows and outflows, improving the quality of banknotes and phasing out outdated denominations, as well as liberalizing cash redistribution between banks while gradually reducing the Central Bank’s direct involvement in these processes.

Amid revived economic activity, cash turnover through banks grew significantly. The total volume of cash and terminal payments reached 1,075 trillion soums, up 28% compared to 2024. The share of terminal transactions, including through mobile applications, increased from 40% to 43%, while in trade and services it rose from 44% to 48%.

Cash turnover through banks amounted to 1,250 trillion soums: inflows reached 615 trillion soums, cash withdrawals 635 trillion soums, a 24% increase from the previous year. Cash deposits in banks grew by 114 trillion soums, of which 60 trillion soums came from banking services, 25 trillion soums from trade operations, and 16 trillion soums from paid services. Withdrawals from teller counters and ATMs increased by 125 trillion soums, including 54 trillion soums from card cash withdrawals, 27 trillion soums from foreign currency purchases, and 18 trillion soums from deposit withdrawals.

Card payments grew 1.4 times, reaching 279 trillion soums, reflecting higher household incomes. The Central Bank covered the difference between cash inflows and outflows by issuing an additional 16.8 trillion soums into circulation. As of January 1, 2026, the share of cash in the money supply stood at 18.1%, down 1.1 percentage points from the previous year.

The total number of banknotes increased by 262 million units to 2,445.7 million units. The share of 200,000-soum notes rose from 23.4% to 28.5%, while 100,000-soum notes decreased from 40.9% to 36.4% due to the withdrawal of old notes. For convenience, cash distribution by denomination was set as follows: small denominations and coins — 1.1%, medium denominations — 15.8%, large denominations — 83.1%.

The replacement of old banknotes with new ones progressed actively: the share of 5,000-soum notes fell from 25% to 7%, 10,000-soum notes from 24% to 5%, 50,000-soum notes from 25% to 4%, and 100,000-soum notes from 18% to 3%.

To liberalize cash flows and reduce the Central Bank’s involvement in redistribution, the “Electronic Cash” platform was utilized. In 2025, 922 users employed the system, with an average monthly transaction volume of 15 trillion soums, improving the efficiency and transparency of cash circulation.