Rising Cash Withdrawals in Uzbekistan Reflect Growing Economic Activity
Uzbekistan Sees Increase in Cash Transactions in 2024
According to the Central Bank of Uzbekistan, as of October 1, 2024, cash accounted for 20.7% of the country’s total money supply, showing a rise in cash withdrawals, particularly through ATMs.
In the first nine months of 2024, cash transactions through bank counters and ATMs increased by 68 trillion UZS, marking a 23% increase compared to the same period in the previous year. This surge in cash transactions is mainly attributed to a 30 trillion UZS increase in ATM cash withdrawals and a 21 trillion UZS rise in cash foreign currency purchases by banks.
The heightened economic activity during the spring and summer months led to an increased demand for cash, prompting the Central Bank to release an additional 8 trillion UZS into circulation by the end of September.
This trend highlights the growing use of cash in Uzbekistan’s economy, with the Central Bank making efforts to meet the rising demand. As more people turn to cash transactions, it will be interesting to see how the Central Bank continues to adapt to these changing financial trends in the country.
