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Uzbekistan’s Central Bank reveals balance of payments deficit for 2020

Finance Materials 19 January 2021 14:08
Uzbekistan’s Central Bank reveals balance of payments deficit for 2020

BAKU, Azerbaijan, Jan. 19

By Klavdiya Romakayeva - Trend:

The deficit of the balance of payments of Uzbekistan for 2020 amounted to $3 billion, which is about $300 million less than in 2019, Trend reports referring to the press service of the Central Bank of Uzbekistan (CBU).

According to the bank, the deficit was reduced due to a decrease in foreign trade turnover, the preservation of international remittances and an increase in gold prices in the world market.

In addition, the fall in world prices for energy resources, as well as the slowdown in the global economy caused by the coronavirus pandemic affected the volume of exports of goods and services, which amounted to $14.4 billion, down 15.5 percent or $2.6 billion compared to the same period in 2019 ($16.9 billion).

At the same time, imports of goods and services for the reported period amounted to $22.4 billion, a decrease over the same period last year by 15.6 percent or $4.2 billion ($26.5 billion).

The negative trade balance according to the calculations of the CBU relative to 2019 improved by 16 percent and amounted to $8 billion.

CBU noted that the positive balance of factor incomes and transfers decreased by 19 percent due to a significant reduction in the international movement of individuals while maintaining the level of cross-border remittances to residents at the level of the corresponding period last year.

In turn, the investment income of non-residents (on loans issued and foreign investments) amounted to $1.9 billion.

CBU also added that the reporting data for the balance of payments, international investment position and external debt for 2020 will be presented in March 2021.

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