Volume of remittances to Uzbekistan increasing

Against the backdrop of rising prices for basic food products, raw materials and energy resources on world markets, global inflation continues to accelerate in the third quarter of this year.

According to the Central Bank, in order to curb inflationary processes, most of the world's central banks are tightening monetary conditions, which, accordingly, leads to an increase in the cost of financial resources in world markets.

In particular, due to the increase in the US Federal Reserve System of interest rates and the tightening of global monetary conditions, other world currencies are losing value against the US dollar. Since the beginning of the year, the dollar index has grown by 17%.

This, in turn, causes an acceleration of inflationary processes in countries whose share of imports in consumption is traditionally high and whose inflation expectations are sensitive to changes in the exchange rate.

Due to the adaptation of foreign trade to the changed external situation, positive trends are observed in the volume of foreign exchange flows into the country. In particular, over the past 9 months of this year, the volume of exports excluding gold grew by 23.6% compared to the corresponding period of the previous year, up to $11.1 billion; the volume of remittances to the country increased 2.2 times, to $12.6 billion, the positive difference between the purchase and sale of currency in banks by the population amounted to $2.5 billion.