According to the Central Bank, the amount of cash in circulation increased by UZS 1.025 trillion in July alone and by UZS 7.8 trillion since the beginning of the year.
Despite the steady increase in cash in absolute terms, its share of the total money supply has been falling. Cash accounted for 23.6% of the money supply in 2013, compared with 18.9% in 2025 and 17.5% as of August 2026.
The decline indicates that non-cash forms of money are expanding at a faster pace than physical currency.
Broad money supply reaches UZS 434.5 trillion
Uzbekistan’s broad money supply increased by UZS 9.4 trillion in July, reaching UZS 434.5 trillion as of August 1.
Money supply denominated in the national currency rose by UZS 7.3 trillion to UZS 361.2 trillion. Foreign-currency deposits increased by another UZS 2 trillion, while narrow money grew by UZS 1.4 trillion.
Broad money includes cash and funds held in readily accessible bank accounts, as well as time and savings deposits held by individuals and businesses in both national and foreign currencies. It is a broader measure of the economy’s overall purchasing power and financial resources and is closely monitored by central banks when assessing inflation and economic growth.
Narrow money, by contrast, covers funds that can be spent immediately, including cash and demand deposits that can be withdrawn or used for payments at any time.
Other deposits in the national currency increased by UZS 35.1 trillion over the past year, including a UZS 5.9 trillion increase in July.
Cash growing more slowly than overall money supply
The latest figures show that cash is expanding at a considerably slower pace than the broader money supply.
Over the past year, cash in circulation grew by 27.5%, while the overall money supply increased by 37.6%.
The gap suggests that bank deposits and other non-cash forms of money are growing faster than physical currency, pointing to a continued shift toward cashless payments and greater accumulation of funds within the banking system.
In other words, the record amount of cash in circulation does not necessarily mean that Uzbekistan’s economy is becoming more dependent on cash. Its declining share of the total money supply shows that the overall monetary base is expanding even faster through deposits and other non-cash instruments.
