Uzbekistan reports 25% rise in cash turnover

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan has reported a sustained increase in cash circulation through the banking system amid ongoing liberalization of cash operations and accelerating economic activity.

According to the regulator’s review, total money inflows, including cash and terminal-based transactions, reached 316 trillion soums in the first quarter of 2026, marking a 35% increase compared to the same period in 2025.

The share of non-cash transactions continued to expand. Terminal-based inflows, including mobile applications, rose from 43% in January–March 2025 to 47% in the same period of 2026. In trade and services, this indicator increased from 49% to 51%.

Overall cash turnover through banks in the reporting period amounted to 330 trillion soums, including 166 trillion soums in cash inflows and 164 trillion soums in cash withdrawals, reflecting a 25% year-on-year increase. Cash inflows grew by 34 trillion soums, or 26%.

The increase in inflows was driven by several factors. Banking-related operations, including deposits, loan repayments, and foreign currency sales, rose by 18 trillion soums. Trade-related inflows increased by 5 trillion soums, while revenues from paid services also grew by 5 trillion soums.

Cash withdrawals through bank cash desks and ATMs increased by 32 trillion soums, or 24%. The main drivers included a 13 trillion soum increase in cash withdrawals from bank cards, an 11 trillion soum rise in withdrawals for foreign currency purchases by individuals, and a 6 trillion soum increase in cash withdrawals from deposit accounts.

During the period, funds credited to bank cards increased by 1.3 times compared to Q1 2025. At the same time, 71 trillion soums were withdrawn in cash, accounting for 17% of total card inflows, down by 2 percentage points year-on-year.

The volume of cash introduced into circulation decreased by 2.6 trillion soums over the quarter. As of April 1, 2026, cash accounted for 16.9% of the money supply, down 1.7 percentage points compared to the previous year.

The number of banknotes in circulation also declined, decreasing by 262 million units to 2.184 billion units as of April 1, 2026.

In the structure of cash by denomination, the share of 200,000 soum banknotes increased from 28.5% to 30.6%, while no significant changes were recorded for 50,000 and 100,000 soum notes.

Interbank cash movement is conducted through the “Electronic Cash Space” system. Currently, 1,009 organizations are connected to the platform, with monthly transaction volumes reaching around 14 trillion soums.