Volume of household deposits in banks reaches 15.8 trillion soums – Central Bank of Uzbekistan

In the first quarter of 2019, the volume of household deposits in banks grew by 8.1% and amounted to 15.8 trillion soums, the Central Bank said.

Deposits in national currency increased by 10.3%, and their share reached 62%. The balance of foreign currency deposits grew by 4.7%, and their share in the total deposits of the population decreased from 39% to 38%.

The number of deposits in foreign currency rose sharply in 2017, when the soum depreciated sharply, but has since been steadily declining. This was achieved thanks to the actions of the Central Bank to reduce the dollarization of the economy.

In 2018, the regulator has repeatedly changed the order and standards of mandatory reservation of banks. For example, since August of last year, the procedure was established for forming mandatory reserves only in national currency regardless of the currency of liabilities attracted by banks.

The Central Bank explained this by stating that they are trying to increase the attractiveness of interest rates on deposits in national currency.