Central Bank reports a considerable increase in economic activity and remittances 

As noted by the regulator, there was a significant downturn in business activity in April, particularly as a result of restrictive measures and deteriorating global markets. The partial shutdown of production and the decline in income has reduced aggregate demand in the economy. 

In particular, the total number of transactions through the inter-bank payment system has declined significantly. The decrease was 39.8 percent in April and 34.7 percent in May compared with the same period last year. The recession was at its lowest levels in April, gradually recovering during May, when transaction volumes increased by 7.6 percent over the previous month.

Payments through the terminals and paid services in May increased by 25 percent compared to April, amounting to 5.2 trillion soums. 

Cash receipts to commercial banks from the sale of goods and services also began to recover in May. Thus, banks received 3.4 trillion soums in April, and in May the figure rose by 44 percent to 4.9 trillion soums.

A similar situation was observed at the Uzbek Commodity Exchange. In April, the volume of tenders fell by 9.4 percent compared to the previous month and increased by 39.7 percent in May.

In addition, the inflow of cross-border transfers is recovering, which should have a positive impact on the consumer sentiment of the population. In May, in comparison to April, remittance volumes increased by $234 million to $484 million. 

According to preliminary data from the Central Bank, construction is expected to grow by more than 4 percent in the first half of the year and agriculture by less than 3 percent compared to the same period last year.