Remittances to Uzbekistan increase significantly due to ruble
In January-June 2022, the volume of remittances to Uzbekistan amounted to $6.5 billion. This is 2 times more than in the same period last year. The growth in June was more than 3 times. Analysts see these figures as clear evidence of speculation and the cause of cash currency deficiency throughout Uzbekistan.

Photo: Getty Images
In the first half of the year, international transboundary remittances sent to individuals in Uzbekistan amounted to $6.5 billion, the Central Bank reported.
$6.5 billion – 96% more than in the corresponding period last year ($3.2 billion).
In January-June this year, commercial banks bought foreign currency worth $5.66 billion from individuals. This is 70% more than in the same period of last year ($2.33 billion).
The number of foreign currencies sold to individuals through commercial banks amounted to $3.72 billion, which is 85% more than a year ago.
Economist Otabek Bakirov called such a sharp increase “an absolute speculative diversion”. According to him, the cause of cash currency deficiency in Uzbekistan is at this point.
“It can be seen from dynamics and pace: these figures are not related to labor migrants and the characteristics of external transfers in general. Our statistics will be an error if they add these indicators in total income. The number of Uzbek migrants has not tripled, and their incomes have not increased by 3 times a year.
The situation that has arisen gives an opportunity to use money transfers for the purposes of gross speculation and diversification. Unfortunately, there is no resistance to this, there is no obstacle. Both the lack of cash currency and the deficiency of cash soums are the consequences of this.
More than half of the money transfers sent are forced to purchase commercial banks, thereby contributing to the mass of money in circulation beyond the economic essence,” Bakirov wrote.
According to him, in June, there were recorded transfers of $2.34 billion, which is 3.25 times more than in June last year.
It should be recalled that in Russia, there are serious restrictions on the purchase of currency from banks for the use of the ruble exchange rate. As a result of these restrictions, the encouragement to buy currency from Central Asian countries has increased in residents of Russia.
Due to the retaliatory measures applied by the Central Banks of several neighboring republics of Uzbekistan, the case of labor migrants of these countries in Russia, who use the services of the banks of Uzbekistan, is also increasing.
Recommended
List of streets and intersections being repaired in Tashkent published
SOCIETY | 19:12 / 16.05.2024
Uzbekistan's flag flies high on Oceania's tallest volcano
SOCIETY | 17:54 / 15.05.2024
New tariffs to be introduced in Tashkent public transport
SOCIETY | 14:55 / 05.05.2023
Onix and Tracker cars withdrawn from sale
BUSINESS | 10:20 / 05.05.2023
Latest news
-
Uzbekistan appoints its first ambassador to Bosnia and Herzegovina
POLITICS | 21:11
-
Judicial school worker in Tashkent detained over bribery allegations
SOCIETY | 21:10
-
IsDB to fund inclusive school project in Uzbekistan with $40 million grant
SOCIETY | 21:08
-
Uzbekistan to build year-round resort at Charvak with global partners
POLITICS | 21:07
Related News

17:46
Russian police assault Kyrgyz citizens in Moscow; Kyrgyzstan summons envoy, demands accountability

19:02 / 10.04.2025
Central Asia unites to end tuberculosis by 2030 under new WHO-led initiative

16:09 / 10.04.2025
From forgotten to frontline: Does Central Asia really matter now?

17:39 / 09.04.2025