Remittances to Uzbekistan up by 3% in three months

The sale of foreign currency by the population increased markedly. However, the demand for foreign currency has increased even more.

Photo: Philippine star / Kriz John Rosales

The flow of money transfers from abroad in the first quarter of 2022 increased slightly, according to the data of the Central Bank.

In three months, Uzbekistan received transfers worth $1.47 billion. As noted by the regulator, this is $49 million or 3% more than it was in the same period of 2021.

At the same time, exchange transactions increased significantly more. Thus, in the first three months, banks purchased foreign currency from citizens by 38% more than a year ago. Receipts rose from $1.53 billion to $2.11 billion.

However, the increase in demand for foreign currency was even greater - 69%. If in January-March 2021, citizens bought foreign currency for about $1.02 billion, now the purchase volume is $1.73 billion, or $709 million more.