Central Bank Projects Significant Increase in Foreign Currency ATM Withdrawals
The share of cash in the total money supply has decreased, returning to the level seen in 2022. According to the first quarter results, the demand for foreign currency in ATMs has almost doubled, as stated in the Central Bank’s cash circulation review.
In January-March 2024, the total amount of cash inflows amounted to 184 trillion UZS, which is 30% higher than the corresponding figure last year. The share of terminal inflows increased from 38% to 40%, with the remainder attributed to cash transactions.
The volume of banks’ cash turnover rose by nearly a quarter to 216 trillion UZS. Expenditures were 107 trillion UZS, nearly half of which were accounted for by cash withdrawals from bank cards.
Cash foreign currency purchases at bank tellers totaled 25.68 trillion UZS, marking a 42% annual increase. The share of currency acquisitions in the total expenditure volume via ATMs grew by 3 percentage points to 24%.
Cash inflows equaled 109 trillion UZS, with roughly two-thirds of these receipts coming from the sale of goods and commission on banking services.
Additionally, the share of cash in the circulation of the overall money supply increased by 3 trillion UZS to 43 trillion UZS, yet its size relative to the total decreased by 2.2 percentage points, falling to 20.1%.
According to Central Bank data, in the first three months, the regulator conducted currency transactions amounting to 22.3 trillion UZS, slightly more than the figure for 2023. It will be interesting to see how these trends continue in the coming months.
