Uzbekistan Receives US$15.8 Billion in Money Transfers from January to October

Tashkent, Uzbekistan (UzDaily.com) — In January–October 2025, the overall supply of foreign currency in the domestic market grew slightly faster than demand, according to Central Bank data. Demand for foreign currency reached US$48.4 billion, a 24 percent increase compared with the same period last year.

Supply for the period amounted to US$41.2 billion (excluding Central Bank operations), up 26 percent year-on-year. The growth rate of foreign currency supply from legal entities exceeded the growth rate of their demand.

Demand from legal entities for foreign currency rose by 24 percent year-on-year in the first ten months of 2025, while their foreign currency supply increased by 38 percent. Supply generated from the export revenues of business entities grew by 18 percent to US$14.5 billion. Of this amount, US$8.1 billion, or 56 percent, was sold on the domestic market — 23 percent, or US$6.6 billion, more than a year earlier.

In addition, during the reporting period, banks sold US$7.3 billion on the domestic market from funds raised through foreign loans, a 62 percent increase, or US$2.8 billion more than in the same period last year.

In the structure of import financing sources for January–October, the share of foreign currency purchased on the domestic market (conversion) amounted to 64.8 percent (65.0 percent in 2024), while the share of imports financed with companies’ own foreign currency resources was 23.7 percent (23 percent in 2024).

The bulk of acquired foreign currency — 51 percent — was used for importing equipment, goods, and raw materials for production needs; 27 percent was allocated to servicing foreign-currency loans; 17 percent went toward importing consumer goods and pharmaceuticals; 2 percent was spent on repatriating income to foreign investors; and the remaining 3 percent was used for other purposes.

The positive balance of operations between individuals and banks continues to serve as an additional source of supply in the domestic currency market. Households sold US$17.4 billion to commercial banks, 1.3 times more than last year (US$13.2 billion in 2024). Purchases of foreign currency by individuals reached US$9.6 billion, an increase of 24 percent (US$7.7 billion in 2024).

Overall, foreign currency supply from individuals exceeded demand by US$7.8 billion — 1.4 times more than a year earlier. The main source of household foreign currency sales was international money transfers: inflows totalled US$15.8 billion, up 25 percent, or US$3.2 billion, from the same period of 2024.

At the same time, outbound transfers amounted to US$2.2 billion, US$147 million less than last year.

The strengthening trend of the national currency continued: from January to October its exchange rate appreciated by 7.0 percent.

Exchange rate dynamics over this period were shaped by supply and demand factors in the domestic market, general macroeconomic trends, and external economic conditions.

A substantial increase in foreign currency inflows from exports, external loans, and remittances, as well as rising volumes of foreign investment and relative stabilization of imports, became the key drivers of the national currency’s appreciation.