Only 4% of Uzbek Adults Hold Savings Deposits, Central Bank Says

Tashkent, Uzbekistan (UzDaily.uz) — Only 4 percent of adult residents in Uzbekistan hold a savings or time deposit, despite widespread access to basic banking services, according to findings from the Central Bank of Uzbekistan's pilot financial inclusion index.

While 86 percent of the adult population holds a basic bank account, the regulator identified the gap between general account ownership and dedicated savings usage as a key structural development priority for the domestic financial sector.

Regional disparities are pronounced in rural areas, where only 1 percent of residents utilize savings or time deposit accounts, a rate four times lower than the national average. Conversely, women demonstrated a higher adoption rate of savings products at 6 percent compared with the national average of 4 percent.

Among individuals who have opened a savings or time deposit account, usage rates remain high. Approximately 66 percent of existing deposit accounts are active, defined as having conducted more than three transactions within the previous 12 months.

The Central Bank noted that high activity among existing account holders suggests the primary barrier is not a reluctance to save, but a limited availability and awareness of suitable financial products.

Overall accessibility for savings products scored 56 points out of 100, recording the lowest result among the three financial product categories evaluated, behind payment services at 69 points and credit products at 64 points. To address the gap, the Central Bank plans to prioritize the development of simple, flexible savings instruments tailored for accumulating smaller sums.