Uzbekistan’s Central Bank notes increase in money supply

Finance Materials 18 August 2021 16:08 (UTC +04:00)
Uzbekistan’s Central Bank notes increase in money supply

BAKU, Azerbaijan, Aug. 18

By Klavdiya Romakayeva - Trend:

The money supply in Uzbekistan increased by 1.2 trillion soums ($113 million) to 79.9 trillion soums ($7.5 billion), Trend reports with reference to the press service of the Central Bank of Uzbekistan (CBU).

According to the CBU, after five months of steady growth, the balance on deposits began to decline until the demand for the national currency appeared.

In addition, the balances on correspondent accounts decreased by 4.3 trillion soums ($404 million) and amounted to 14.7 trillion soums ($1.4 billion).

It is noted that as a rule, balances on correspondent accounts have been declining seasonally since September. Seasonal cuts look a little more pronounced this year.

Earlier it was reported that after reaching a peak in the amount of cash in circulation in August last year in the amount of 30.9 trillion soums ($3 billion), the amount of cash in circulation in Uzbekistan was reduced until April this year.

In April, this figure increased by about one trillion soums ($94 million) and reached 23.5 trillion soums ($2.2 billion), or 22 percent of the total money supply.

It was noted that the temporary increase in cash, first of all, was associated with restrictive measures that were introduced in the country in connection with the COVID-19 pandemic, after which individuals began to actively withdraw their funds from bank cards to meet their primary needs.


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