The volume of cross-border remittances to Uzbekistan in 2021 amounted to USD 8.1 billion, 34% more than the previous year, UzA reported, Trend reports citing Kabar.
This indicator plays an important role in stabilizing the volume of supply in the domestic foreign exchange market and shaping the exchange rate of the national currency.
According to the press service of the Central Bank, during 2021 UZS (Uzbekistan’s sum) exchange rate varied from 10,449 to 10,849 per 1 US dollar (annual inflation was 3.4%).
The growth in 2021 from export revenues and cross-border transfers by 34 percent was a factor supporting currency supply in the domestic foreign exchange market and served to increase the total volume of supply in the market by 1.6 times.
Also, due to changes in the operational mechanisms of the Central Bank, since August the indices Uzonia and Uzwia are formed within the interest corridor.