Remittances to Uzbekistan reach $7.3 billion in Jan-Nov 2021

This, in turn, is one of the factors supporting the consumer demand of the population, the CB press service reported.

“The volume of cross-border remittances entering the country for 11 months increased by 35% compared to the same period last year and reached $7.3 billion, which is one of the factors supporting consumer demand of the population,” the regulator said in a statement.

It also became known that during January-November the exchange rate of the soum fluctuated within the range of 10,449 – 10,787 soums per dollar. At the same time, in November, due to changes in external conditions, the rate of devaluation of the soum exchange rate somewhat accelerated, and it has weakened by 3% since the beginning of the year. 

The regulator said that since the beginning of the year, the external economic situation was formed in the context of accelerating inflationary processes against the background of a significant increase in prices for basic food products and energy resources, as well as a reciprocal tightening of monetary conditions in many developing countries. 

Although initially most central banks argued that inflationary processes associated with food and energy prices are temporary in nature, it is now assumed that inflationary risks may persist for a longer period of time.