Uzbekistan Retail FX Turnover Rises 31% to US$19.1 Billion

Tashkent, Uzbekistan (UzDaily.uz) — The total turnover of foreign currency purchase and sale transactions between banks and individuals in Uzbekistan increased by 31%, or US$4.5 billion, year-on-year in January-June 2026 to US$19.1 billion, according to the Central Bank of Uzbekistan.

During the reporting period, banks purchased US$12.3 billion in foreign currency from individuals, up 35% from the same period in 2025. The amount of foreign currency sold by banks to individuals increased by 26% to US$6.8 billion.

By quarter, banks’ foreign currency purchases increased from US$4.052 billion to US$5.857 billion in the first quarter and from US$5.057 billion to US$6.409 billion in the second quarter. Sales increased from US$2.424 billion to US$3.202 billion in the first quarter and from US$2.966 billion to US$3.572 billion in the second quarter.

According to the Central Bank, 59%, or US$11.2 billion, of transactions were conducted through currency exchange offices, up 33% from the first half of 2025. Online remote services accounted for 39%, or US$7.5 billion, up 27%, while the remaining US$404 million, up 61%, was conducted through round-the-clock foreign exchange ATMs.

The share of online transactions in total turnover increased from 37% in the first half of 2024 and 41% in 2025 to 39% in 2026. The share of currency exchange offices rose from 62% and 58%, respectively, to 59%.

The Central Bank attributed the continued increase in the share of transactions conducted through remote channels and 24-hour foreign exchange ATMs to wider access to digital banking services.

According to the regulator, the trend is also consistent with international practice, as expanding digital financial services and enabling transactions around the clock help reduce transaction costs and improve access to financial services.

The amount of foreign currency purchased by banks from individuals exceeded the amount sold to them by US$5.5 billion, compared with US$3.7 billion in the same period of 2025.

The Central Bank said the ratio of households’ net foreign currency supply to total foreign exchange transaction turnover increased from 26% in the first half of 2025 to 29% in the same period of 2026, indicating a growing role for transactions by individuals in forming net supply in the domestic foreign exchange market.