Uzbekistan Receives US$17.3 Billion through International Money Transfers

Tashkent, Uzbekistan (UzDaily.com) — From January to November 2025, the growth rate of the total supply of foreign currency in Uzbekistan’s domestic market slightly outpaced the growth in demand, according to the Central Bank of Uzbekistan.

Data from the regulator indicate that demand for foreign currency reached US$53.7 billion, a 24 percent increase compared to the same period last year. The volume of foreign currency supply (excluding Central Bank operations) amounted to US$45.6 billion, up 26 percent year-on-year.

Additional liquidity generated from the Central Bank’s operations with monetary gold is sterilized through foreign exchange transactions and other monetary policy tools, in line with the principle of Central Bank neutrality.

Corporate Sector

The growth rate of foreign currency supply from legal entities significantly exceeded their demand. In November 2025, corporate demand for foreign currency rose 24 percent compared to the same period last year, while the volume of supply increased by 35 percent.

Foreign currency inflows generated from export revenues grew 17 percent, reaching US$16.0 billion. Of this amount, US$8.9 billion, or 55 percent, was sold on the domestic foreign exchange market, representing a 19 percent increase, or US$1.4 billion more than in the previous year.

Additionally, US$8.1 billion was sold on the domestic market by banks through external loans, up 63 percent, or US$3.5 billion, compared to last year.

In the financing structure of imports, 64.7 percent of currency was acquired on the domestic market (conversion), while imports financed with corporate foreign currency funds accounted for 24.0 percent (compared to 23 percent in 2024).

The primary allocation of purchased foreign currency was as follows: 50 percent for imports of equipment, goods, and production raw materials; 27 percent for repayment of external loans; 17 percent for imports of consumer goods and medicines; 2 percent for repatriation of income of foreign investors; and the remaining 4 percent for other purposes.

Individuals

A positive net flow from individuals’ operations with banks became an additional source of foreign currency supply in the domestic market. Households sold US$19.4 billion to commercial banks, 1.3 times higher than the same period last year (US$14.6 billion in 2024).

At the same time, purchases of foreign currency by individuals reached US$10.6 billion, up 25 percent from last year (US$8.5 billion in 2024). Overall, individuals’ supply of foreign currency exceeded their demand by US$8.7 billion, 1.4 times higher than the same period in 2024.

The main source of household currency sales was international money transfers, through which US$17.3 billion entered the country—25 percent, or US$3.5 billion, more than in the same period last year. Meanwhile, foreign currency outflows via international transfers amounted to US$2.4 billion, US$157 million less than in 2024.

National Currency

The trend of strengthening the national currency continued, with its exchange rate appreciating by 7.5 percent from January to November. The exchange rate dynamics were influenced by supply and demand factors in the domestic foreign exchange market, overall macroeconomic trends, and external economic conditions.

Overall, significant increases in foreign currency inflows from exports, external loans, and remittance channels, along with growing foreign investment and relatively stable import levels, were key factors supporting the national currency’s appreciation in the domestic market.